What is the name of your state? Michigan
In the 'potential' process of getting divorced. Married 10 years. 1 child together and 2 from a previous marriage that I have total custody of. Still hoping things will work out, but I'm not one to wait around and get blind sided. In the nasty arguements that ensue with the majority of humans thinking of divorce, my husband claims we will have to sell the house and split the profits. From previous inquiries, I believe that I can keep the house at the very least until the kids graduate from school. I am comfortable with the fact that I won't have to sell the house any time soon.
My question is about some additional vacation property (just land) that we have. Part of the property is in a trust and has been in his family since the early 1970's. Another part of the property (an adjoining piece to the first in trust) is in my husbands name and his mom's (his mom is the trust holder on the 1st part). We purchased this 1 year ago. I paid $5,000 (husband does not work-and has not since 1999) of the total purchase price and my mother-in -law paid the rest as part of our inheritance. I decided due to the legalities of the whole thing not to have my name on it and it made since because of the other piece of property in trust.
Does this property have anything to do with a divorce settlement? The property that I paid the down payment on is now worth over $100,000. There are some easement issues and once those are solved the value could go about 50% higher. Total property value of pieces of land are about $250,000 at the moment. Once again, no structures...just property on a lake.
What I'm hoping for, if it comes down to it, is that I can just keep the house and he can keep the property (even though my name is not on it). In the long run, the vacation property, along with the trusted piece of property is worth a heck of a lot more than the house we are currently living in. Which we bought for $118,000 and is not worth more than 130,000 at the moment. Maybe less due to the all the physical problems.
Any words of wisdom? Thanks.
In the 'potential' process of getting divorced. Married 10 years. 1 child together and 2 from a previous marriage that I have total custody of. Still hoping things will work out, but I'm not one to wait around and get blind sided. In the nasty arguements that ensue with the majority of humans thinking of divorce, my husband claims we will have to sell the house and split the profits. From previous inquiries, I believe that I can keep the house at the very least until the kids graduate from school. I am comfortable with the fact that I won't have to sell the house any time soon.
My question is about some additional vacation property (just land) that we have. Part of the property is in a trust and has been in his family since the early 1970's. Another part of the property (an adjoining piece to the first in trust) is in my husbands name and his mom's (his mom is the trust holder on the 1st part). We purchased this 1 year ago. I paid $5,000 (husband does not work-and has not since 1999) of the total purchase price and my mother-in -law paid the rest as part of our inheritance. I decided due to the legalities of the whole thing not to have my name on it and it made since because of the other piece of property in trust.
Does this property have anything to do with a divorce settlement? The property that I paid the down payment on is now worth over $100,000. There are some easement issues and once those are solved the value could go about 50% higher. Total property value of pieces of land are about $250,000 at the moment. Once again, no structures...just property on a lake.
What I'm hoping for, if it comes down to it, is that I can just keep the house and he can keep the property (even though my name is not on it). In the long run, the vacation property, along with the trusted piece of property is worth a heck of a lot more than the house we are currently living in. Which we bought for $118,000 and is not worth more than 130,000 at the moment. Maybe less due to the all the physical problems.
Any words of wisdom? Thanks.
