Title on Commercial Property

What is the name of your state? california
I was married last year. my husband was married once before and has 3 children from that marriage, ages 14,16 and 22. it was not an amicable divorce.

during his past marriage, he purchased a commercial building and gave 10% title holdings to each of his kids for tax purposes. currently, we are selling the building, a 1031 exchange with two other commercial properties that would generate a monthly income from rent.

the idea was to take 30% of the proceeds (children's share) from this 1031 exchange and invest it in a property for his kids. and with the remaining 70% to purchase a property for ourselves. the oldest daughter, being 22 yrs old was unwilling to sign the papers allowing this split. so as of this moment, both properties will have his kids on the title as being 30% title holders.

we are buying the 2 properties as mentioned, in hopes that she will eventually agree to taking the 70% title with her siblings to the property intended for them, and giving us the 30% they hold in our property. We would really like to have them seperate from us. If after a year she still refuses, what recourse, if any, do we have???

[HomeGuru]

Originally posted by Mary Ryan
What is the name of your state? california
I was married last year. my husband was married once before and has 3 children from that marriage, ages 14,16 and 22. it was not an amicable divorce.

during his past marriage, he purchased a commercial building and gave 10% title holdings to each of his kids for tax purposes. currently, we are selling the building, a 1031 exchange with two other commercial properties that would generate a monthly income from rent.

the idea was to take 30% of the proceeds (children's share) from this 1031 exchange and invest it in a property for his kids. and with the remaining 70% to purchase a property for ourselves. the oldest daughter, being 22 yrs old was unwilling to sign the papers allowing this split. so as of this moment, both properties will have his kids on the title as being 30% title holders.

we are buying the 2 properties as mentioned, in hopes that she will eventually agree to taking the 70% title with her siblings to the property intended for them, and giving us the 30% they hold in our property. We would really like to have them seperate from us. If after a year she still refuses, what recourse, if any, do we have???

**A: you need to be talking to a tax attorney.