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If two gay men have been a couple for 25 years and for one reason or another one decides that being a couple anymore is not in the best interest on one or both, is there any Georgia law governing how property is divided or assets handled? Since two men are not recognized in Georgia, then, it would boil down to a home where both names are on the bill of sale but one pays the mortgage and during the relationship, an LLC was formed for rental properties where one has 51% and the other 49%, then, can not the one with 51% ownership decide to dissolve it, turn it over as part of a "settlement", but, in actuality, if you do not own it, then one only has claim to property he owns outright, correct?
Submitted: 256 days and 19 hours ago.
Category: Legal
Value: $15
Status: AWAITING CUSTOMER ACTION
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Atlanta, Georgia
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Accepted Answer
As far as assets any property purchased in joint name, or as tenants in common can be split either by judical order (partition) or by agreement between the parties. Unless speified otherwise or evidence to the contrary property owned together would be split 50/50.
With respect to the LLC, the company asssets would be distributed in accordance with the % ownership of the members unless the operating agreement has a different method of allocating assets at dissolution. Dissolution of an LLC comes with some formalities, and one member cannot simply take all the assets.
If this answer was helpful please press ACCEPT so I may be paid.
Please be aware that my answer is not legal advice, it is merely information and no attorney client relationship has been formed. You should always contact a local attorney for legal advice.
Expert:
Jack R.
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Answered:
3/11/2009
Attorney
OH/TX Practicing Attorney focusing on Family Law, Foreclosure, Landlord-Tenant Issues.
256 days and 17 hours ago.
Reply
So, in the case of residence where one person is paying for the mortgage and the home is listed in two names, if the party not paying the mortgage (because he does not work) yet he does not want to split and refuses to sign the papers to sell the home, can he be forced then to pay 50% of the morgage by getting a job, etc.?
And, with the LLC, as the controlling interested in the umbrella LLC underwhich each lease property (rental properties) have their own LLC, example unit 707 is Phoenix LLC 707, etc., I may, in settlement give him the LLC or elect to put the properties up for sale since I do have controlling interest and he would receive 49% of any proceeds received in such a sale, correct?
256 days and 16 hours ago.
Reply
I needed clarification to your answer: So, in the case of residence where one person is paying for the mortgage and the home is listed in two names, if the party not paying the mortgage (because he does not work) yet he does not want to split and refuses to sign the papers to sell the home, can he be forced then to pay 50% of teh mortgage by getting a job, etc.?
And, with the LLC, as the controlling interest in the umbrella LLC under which each lease property (rental properties) have their own LLC, example: Unit 707 is Phoenix LLC 707, etc., I may, in settlement give him the LLC or elect to put the properties up for sale since I do have controlling interest and he would revceive 49% of any proceeds received in such a sale, correct?
Posted by
Jack R.
256 days and 8 hours ago.
Answer
Mortgage and title are two separate entities. A person not on the mortgage cannot be forced to pay anything. A person on the title is entitled to a part if not all of the real estate.
If the article give you the right to sell because of your majority interest you are correct. The other consideration is that the sale must be fair sale, not a "sham" or other attempt to defraud the other member.
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