Where do I stand - Any help appreciated

Tennessee - I think my situation is bad. My boyfriend is pretty wealthy and we have been together less than a year. We have lived together for about 6 months. When we met I had a lot of financial problems, and when he said he wanted to help I was so afraid of losing everything I had that let him bail me out. He paid off every debt that I had - which came to about $150,000 dollars. I want to make it clear that we ARE NOT arguing, in fact we are getting along fine, and for all I know we may stay together forever HOWEVER, last week we had a quarrel while he was tipsy and he said to me "you can leave if you want to but how are you going to pay me back". We made up but that planted a seed tht I am worried about now. I work as a project manager for his company, so I would lose my job, my residence and have no means of generating any income if he were to ask me to leave or I decided to leave him. My house (which he paid off) is where my 2 children live (19 and 24), although I do still have a room and a place there. My question is this. We never signed any contracts or paperwork of any kind, although it is obvious and documented in bank statements that his checks paid off my debts. Also, as I stated, we are getting along fine and may never part, but for the first time I am concerned about where I stand and whether he can almost hold me prisoner but threatening to make me come up with money I dont have. Everything he paid off is in MY NAME and has no tie to him at all other than the fact that he wrote the checks that paid it all off. Can he force me to sell my house? Can he take everything I own? I know he would fire me so I would be hard pressed for money almost instantly and I wonder what demands he could make on me financially in the absence of any agreement

fanninkw said:

Can he force me to sell my house?

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If he were to get a judgment against you, yes.
Absent one, no.

Can he take everything I own?

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Again, with a judgment he can pursue any non-exempt assets you might have.

One possible out... he can only hold this over your head for the next six years (the TN SOL for an oral agreement).

I was afraid of that

So I am in worse shape than when I let him do this. He can demand instant payment even though we agreed to nothing and I signed nothing. I am a foolish lady !! I was sillly enough to beleive that as long as I didnt allow him to get to me sign over my stuff I kept the upper hand

This could be an ugly situation. Stay happy.

Wow, great foundation for a "relationship"

JetX

What is needed to get a judgement? Why are contracts even an issue at all if people can simply claim a verbal agreement where none existed. Can terms even worse than my prior mortgage agreement just be handed down in a judgement? I guess I am confused about what a non exempt asset is. I dont care at all about paying him back or getting another mortgage and handng him his money, but before this I was behnd on a mortgage -but I had one. I dont know that I could get one now. Especially if I lost my job at his company. If this goes wrong I really dont want anything from him but it seems like he has more rights than I do and I didnt agree to anything,

Q: What is needed to get a judgement?

A: A lawsuit.


Q: Why are contracts even an issue at all if people can simply claim a verbal agreement where none existed.

A: Anyone can claim anything; proof is something else.


Q: Can terms even worse than my prior mortgage agreement just be handed down in a judgement?

A: It is possible.


Q: I guess I am confused about what a non exempt asset is.

A: Each state has its own rules; it could be the family Bible, a car, whatever. Laws vary from place to place.

Mike Green

Thanks for the support Mike. You're a peach. My "relationship" foundation had nothing to do with this. I see now I shouldnt have let him bail me out of this. I would bet that if your wife, girlfriend or even good friend said to you during some big financial problems -- "Hey dont lose everything when you dont need to, let me just help you out of this jam and we can worry about it later. I can afford it, dont be silly" -- I think you would do it too. I see now it was a mistake but keep our stones.