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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 35859
Experience:  16 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 26 yrs
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A year ago I sold an adjacent condo to my married son for

Customer Question

A year ago I sold an adjacent condo to my married son for 125,000 below appraisal as an equity gift. Now they are divorcing and he wants to keep the condo so he can take care of me. Is part of the value of the house considered his separate property? We live in Texas.
Submitted: 3 months ago.
Category: Legal
Expert:  Barrister replied 3 months ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Is son the only one on the deed?

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thanks

Barrister

Customer: replied 3 months ago.
His wife is on the deed too.
Expert:  Barrister replied 3 months ago.

Ok, that presents a problem because if this was intended as a gift to him alone, then he should have been the only one on the deed. When the wife was added to the deed, she would be instantly made a half owner of the property, including any equity in it.

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With that said, he would need to negotiate in the divorce property settlement that he gets to keep the condo and she gets some other assets to make up for her ownership interest in it..

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I am very sorry that I don’t have better news, but please understand that I do have an ethical and professional obligation to provide customers with legally correct answers based on my knowledge and experience,even when I know the answer doesn’t make the customer happy...

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thanks

Barrister