Family farm

[sbvol]

What is the name of your state?Tennessee

My father gave me a pc of the family farm (80 year old farm). To build a house. He had to deed it over to me and my soon to be ex. We only lived there 10 months. She walked out 2 years ago and know wants it sold and she wants half of the equity. The only reason there is equity is from my father. Is there any hope for me. We also has a vebal agrrement with my father is that if we ever sell it we have to pay him for the land. In the 2 years she has been gone she has refused to pay any on the mortage

 

[BelizeBreeze]

Her name is on the deed correct?

 

[sbvol]

correct..had to because of the bank

 

[BelizeBreeze]

correct..had to because of the bank

Then dad is not going to like the outcome.

Take dad and yourself to a real estate attorney tomorrow. As of now, and based SOLELY on the facts in your post, she owns 50% of the equity based on marital assets.

 

[sbvol]

If the courts see it as a 50% split..Why would I take my father to a Real Estate Lawyer?

 

[sbvol]

I had thought that Family farms were somewhat protected?

 

[BelizeBreeze]

I had thought that Family farms were somewhat protected?

It's not a family farm. It's marital property.

 

[sbvol]

So when my dad gave me the property and we had a verbal agreement that if we ever sold we would have to pay him for the land.I think she tricked my family..we built the house then she splits and wants $100,000.00. I just dont see how this can be done I could understand if she lived there for years..but 10 months?

 

[nextwife]

Had you spent some money on an attorney and addressed structuring this properly to PROTECT dad's agreement, you would not have this problem now. There are a number of ways dad could have given you use of the site - including a long term lease of the land, or by possibly holding a mortgage against the land that he could have forgiven to you at some point in the future. Or him holding the land in a trust. Anyway, something as important as long held family landf SHOULD have been protected by first consulting with an attorney..

 

[BelizeBreeze]

So when my dad gave me the property and we had a verbal agreement that if we ever sold we would have to pay him for the land.I think she tricked my family..we built the house then she splits and wants $100,000.00. I just dont see how this can be done I could understand if she lived there for years..but 10 months?

Your dad did not give YOU the property. He gave you and your WIFE the property.

now quit typing here and go see a REAL ESTATE ATTORNEY NOW!