division of property

[jackboot]

What is the name of your state? michigan

We own our house and lake property debt free. The lake property was purchased through my wives Aunt. My wife feels that she is intitled to the lake property because if it wasn't for her aunt we never would have purchased it at such a cheap price $20,000 it is now worth about 100,000. I told her fine you can have the cottage and i will have the house. She feels that she should get the house and pay me $10,000 for the the cottage. She thinks the cottage is a inheritance and therefore should not be part of the division of property. Her lawyer feels she has a good case at getting it . What do you think

 

[Bali Hai]

What is the name of your state? michigan

We own our house and lake property debt free. The lake property was purchased through my wives Aunt. My wife feels that she is intitled to the lake property because if it wasn't for her aunt we never would have purchased it at such a cheap price $20,000 it is now worth about 100,000. I told her fine you can have the cottage and i will have the house. She feels that she should get the house and pay me $10,000 for the the cottage. She thinks the cottage is a inheritance and therefore should not be part of the division of property. Her lawyer feels she has a good case at getting it . What do you think

I think your wife and her lawyer are both full of sh!t.

 

[Ohiogal]

If it was purchased then it is NOT an inheritance.

 

[jackboot]

division of property

I think your wife and her lawyer are both full of sh!t.

what will happen ??? Will both pieces of properties be split 50/50 if sold out right or will get the house other get the cottage

 

[Bali Hai]

what will happen ??? Will both pieces of properties be split 50/50 if sold out right or will get the house other get the cottage

BOTH will determine how things are split up. If one property has more equity than the other property, then you need offset that with something else such as more debt for one or the other of you.

Take charge and don't be a push over.

 

[jackboot]

BOTH will determine how things are split up. If one property has more equity than the other property, then you need offset that with something else such as more debt for one or the other of you.

Take charge and don't be a push over.

i will i plan on getting a fair 50/50 spilt i will let my lawer take care of it

 

[nextwife]

i will i plan on getting a fair 50/50 spilt i will let my lawer take care of it

Absolutely! She involved you when it came time to purchase the property. No doubt marital funds were used to pay for it. Therefore, it would be marital property.

BTW- had she purchased it without you from aunt, using premarital assets, she'd have a good argument to keep it as her own. But remember, don't take legal advice from your STBX's attorney about what she "has a good chance" of getting.

 

[LdiJ]

Absolutely! She involved you when it came time to purchase the property. No doubt marital funds were used to pay for it. Therefore, it would be marital property.

BTW- had she purchased it without you from aunt, using premarital assets, she'd have a good argument to keep it as her own. But remember, don't take legal advice from your STBX's attorney about what she "has a good chance" of getting.

I don't disagree with this advice, however I also have to say that it may not also be that simple.

If the transaction WAS intended to be somewhat of an inheritance, then its possible that the aunt sold it for far less than FMV. If so, and the aunt was required to file a gift tax return, or the aunt simply sold out her "share" in the property, then it gets much murkier.

For example, its possible that the aunt and the ex may have jointly inherited the property and the aunt sold out her interest....either to them jointly or just to her niece.

Therefore, OP needs to consult a local attorney with paperwork in hand.

 

[nextwife]

I don't disagree with this advice, however I also have to say that it may not also be that simple.

If the transaction WAS intended to be somewhat of an inheritance, then its possible that the aunt sold it for far less than FMV. If so, and the aunt was required to file a gift tax return, or the aunt simply sold out her "share" in the property, then it gets much murkier.

For example, its possible that the aunt and the ex may have jointly inherited the property and the aunt sold out her interest....either to them jointly or just to her niece.

Therefore, OP needs to consult a local attorney with paperwork in hand.

He said they BOUGHT it from the aunt.

Poster, were any "estates" partial or full owners of the property when it was sold to you and wife, or was aunt alive and well, full owner, and you and wife BOUGHT to property from her?

If they are both on title, it is comingled property now.

 

[jackboot]

I don't disagree with this advice, however I also have to say that it may not also be that simple.

If the transaction WAS intended to be somewhat of an inheritance, then its possible that the aunt sold it for far less than FMV. If so, and the aunt was required to file a gift tax return, or the aunt simply sold out her "share" in the property, then it gets much murkier.

For example, its possible that the aunt and the ex may have jointly inherited the property and the aunt sold out her interest....either to them jointly or just to her niece.

Therefore, OP needs to consult a local attorney with paperwork in hand.

This transaction was never intended to be a inheritance it was never brought up during the sale agreement as matter of fact we were in the process of buying a different piece when she told us she would sell this one to us. My wife really wanted this piece because of ******** sentimental value ********The Aunt has since passed away..

 

[Bali Hai]

This transaction was never intended to be a inheritance it was never brought up during the sale agreement as matter of fact we were in the process of buying a different piece when she told us she would sell this one to us. My wife really wanted this piece because of ******** sentimental value ********The Aunt has since passed away..

Nevermind LdiJ, she repeatedly looks for loopholes that gives the wife the most assets in divorce cases.

Unfortunately most judges do the same thing, so hold your ground and good luck.

 

[LdiJ]

Nevermind LdiJ, she repeatedly looks for loopholes that gives the wife the most assets in divorce cases.

Unfortunately most judges do the same thing, so hold your ground and good luck.

Bali, this is getting really old, and really boring. However, I do not appreciate you telling flat out lies. Please discontinue that behavior.