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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 19132
Experience:  B.A.; M.B.A.; J.D.
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My husband & I purchased income property, we ran the

Customer Question

my husband & I purchased income property, we ran the business for 2 years then turned it over to my son & he continued to pay the mortgage in a balloon payment under our name for 7 years, he then re-morgaged under his name only and has just payed that off. Business has always been in his name only & wife is seeking divorce his income from business is $25,000 and her job pays $60,00 plus benefits and a large 401k. How safe is his business under Fl. law
Submitted: 1 year ago.
Category: Legal
Expert:  Phillips Esq. replied 1 year ago.

Could you clarify?

Did he make the balloon payment during his marriage?

Did he remortgage this loan during his marriage?

Was the property transferred to his name only during his marriage?

Was the transfer a gift to him only?

Thank you for your cooperation.

Customer: replied 1 year ago.
Customer: replied 1 year ago.
for some reason the computer keeps rejecting the security code on my credit cards, would really like to pay in advance.
Customer: replied 1 year ago.
Payments to mortgage were paid from apartment income only.
Expert:  Phillips Esq. replied 1 year ago.

Thank you for the information.

I will let customer service know that you are having issues with payment.

Unfortunately, if this business was transferred to him during the marriage, eventhough this business would be considered his separate property (non-marital asset), the business may be subject to property division during his divorce if he has used marital assets to run the business. Otherwise, no. See Florida Statutes Chapter 61 Section 61.075 especially subsection (1)(g).

Kindly give a positive rating to my response so that I can receive credit for responding to your post. There is no additional cost to you for doing this.

Thank you for your cooperation.

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