Are My Business Properties Part Of My Marriage?
Are the properties I acquired in my name only, part of the marriage?
My husband is claiming that the properties I acquired Sub-2 are 1/2 his' because of the marriage.
The Deed and title are in my name only, they are investment properties, but he wants the largest part of the profit (when I make it), he claims that they belong to him. We live in Oklahoma.
We own land in Arkansas that we acquired the both of us, Deed and mortgage are in both our names, he wants me to Quit-Claim my part of the land to him, but I have to continue paying on the mortgage.
The Deed for the house we live in is in his name only, the (refinanced) mortgage is in both our names. He also wants me to pay half of that mortgage, but the house remains his' only, he had the house before we got married.
I am seeing a lawyer tomorrow, but would like to know where I stand.
Ladybug
i would think that it would depend on the state that you live in. i lived in CA and MN - both are community property states. My wife owns 50% of everything that I own....
good luck
GO SEE AN ATTORNEY!!!!
Do not take any advice you are not PAYING for. it will be a fatel mistake. if nothing else a costly one.
If your spouse is greedy you need to be armed with the best. dont skimp!!!
Make no more investments untill you have things settled in a degree
Hmm. Are you getting divorced? If not, and you are in a community property state then you need to see and atty. so you can set up seperate estates.
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/16/2003 ]
I WILL get the best attorney, one that I know who never loses, best of all, the case will appear before my favorite Judge, the one I work for most, translating in Court.
Ladybug
P.S.: Yes, I will get a divorce, sad but true. OK is a community State, I started doing the RE investing to get us out of debt and to build my retirement. I would have no retirement if I would become a widow, because of my work all over the world. I would only receive a very small fixed income from the VA (my husband is a 100% disabled (Post Traumatic Stress Disorder) VietNam veteran. Because of his PTSD I finally have to get a divorce, tried for 7 years, but things get worse and worse, and I am at the end of my rope. He is a spendthrift, and I am frugal out of necessity and habit; now he wants the properties I have for investment because he needs more money (he gets a very substantial income from the VA and SS for disability); he is an impulse buyer. The investment properties are, as I said, to make extra income to pay of the big debt he has incurred over the years.
I will stop investing for the time being, because I will need them later to make an income for me.
I had planned to go live in one property I acquired Sub-2 that hasn't sold yet, because it also has enough land to make pens for all the animals we have; I will have to take them with me, he would not feed them, never has. For now I would get a part-time job to pay for the mortgage on that property and the other fixed costs like insurance taxes, gas, light, etc.
It is the only place I have where I can move to, and take the animals.
[ Edited by Ladybug on Date 12/16/2003 ]
Ladybug,
I sorry to hear about your divorce. I know that it's a difficult time.
When you speak with your attorney you might want to discuss the possibility of forming a sub s or LLC or using a Trust to separate the personal from business. You could do this now or more probably after the divorce. It might just give you another level of privacy if he's the nosy type. But you certainly couldn't do this to conceal your assets from the settlement. Also, find out about how any deals you do between now the when the divorced is finalized would be treated.
Best of luck to you!
John
Sorry too to hear about divirce and at Christmas time. At least you have a great football team to cheer for. The good news is his house is probably part yours but the other properties are part his too. Unless you make a conscience effort to keep property separate it will be considerated community property. I am glad you are seeking great legal help and would advise you to heed their advice. Let us know if we can be of help.
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Thank y'all for your replies.
I saw my attorney today for the first time, a very nice guy, we spent 3 hours today, in the first place I did have the appointment to discuss the dilemma of the 2 for 1 house affair, and my intention to divcorce came into the equation.
He had never heard of Sub-2, but when I explained it to him, after a couple of words that I said, he said that that is a great way of investing and although he had never heard of it, it made great sense to him, and he said that what he had to do was take care not to trigger the DOS clause. He grasped the whole thing in a second! and was very enthused about it.
He said it would make sense for me to go live in the house I originally bought because of the acreage that is suitable for my animals (he said that over time I may find something I like better and then move, clean up this place and sell it), use the 2nd house to sell and provide for the payments on the 1st house where I am going to live.
He will write the guy in the 2nd house that he can either Quit-Claim that house to me or he will file suit for Quiet Title, and so clean up my original title.
He was contacting the surveyor when I left him at 5 PM, to discuss the property line that will have to divide the 2 houses.
This attorney moves fast. There is a new Law in OK which makes it easier for me to get the Quit-Claim done or otherwise the Quiet Title.
About the fees for his work, he said not to worry, I can pay him whenever, first he wants me to get all done with the houses and the divorce, and get some income and settle down, he knows I am a person with honor and my word is good enough for him.
We went together to the houses in question, he needed to see the layout, and he liked what he saw.
He will also handle the divorce and talk with my CPA about an LLC, we happen to have the same CPA.
Today my husband was very remorseful and apologetic about his behaviour; maybe there is a chance but only if he admits himself in a special program of 90 days at a special mental health hospital from the VA for PTSD patients; this is an excellent facility where he would get very good treatment and might help him control his moods better. I do love him very much, but cannot cope with the emotional roller-coaster every time he has a down cycle, which grows worse over Christmas rime, and over the 7 years of our marriage has grown worse. His Dr. told him last Sept. that he should go into the 90 day lock-down treatment again (he did that in 1990), it would help him tremendously, he didn't want that, maybe he will change his mind, otherwise I will have to go through with the divorce.
I told my attorney that I only wanted my investment properties, my knick-knacks and some of the furniture and my car and animals, and 1/2 of the Arkansas property. I am not a greedy person and I do not want to break my husband, who, when "normal" is a wonderful person, very intelligent, funny and generous, but when on a down cycle, which can last 6-7 months, gets very self-defeating, morose, spends a lot of money he doesn't have, gets greedy and becomes enraged about nothing, selfish and emotionally abusive.
Anyway, I hope my situation(s) may help others solve theirs when they might be in a comparable situation.
Thank y'all for the responses and support.
Ladybug[ Edited by Ladybug on Date 12/16/2003 ]
I believe that community interest in property depends on the source of the funds for acquisition. If you acquired the property with your own funds it would be yours separately, however, if mortgage payments came from your earnings (community property , at least in CA) then he would be entitled to some proceeds. I am sure you will learn more at your attorneys office. What I have said here is my recollection.
Dear Ladybug,
You appear to be in good hands. I always have my divorces at Christmas, it got so bad I was afraid to look in my stocking, nothing but Documents pertaining to settlements and dividing up children and livestock. The last time was of course many years ago. What a mess, I mean what do you do with half a cat? And not the best half.
Please do not blame your husbands full condition on his time in Vietnam. I was so happy to leave there that I have been on a contact high with life ever since.
I find it hard to accept that living here in beautiful slummy North Hollywood and then looking back to Vietnam would be depressing. Man this is heaven. No Napalm, no funny little holes in the ground with people popping out to shoot you. Nothing but really low caliber incoming. Your hubby should be in GI heaven. And having a wife who can speak proper Spanish so you can get a proper meal. Damn he has it made.
No matter what you do remember this you can take him back and consider all this a learning experience. If you do cut him out of title. Take all your goodies and modify your deeds by describing yourself as Married, all properties Sole and Seperate. take his quit claim deeds on all properties and record them. Then and then only agree to take him back. Require a large source of Happy Pills to be at the instant ready and if you can arrange it legally try to hook him up with some really good smokes. Next time around clobber him. Loving him is ok but my dear guard your pile. P.S. my love to the animals.
Lucius aka El Lucio Professorio del SpanEnglish.
Good news. Fortunately it happens.
My husband appeared all apologetic and willing whatever to save this marriage. My condition was for him to go into the 90 days lock-down facility. He agreed and he will be going next week. He does not want a divorce and does not want to take my investment properties, will sign any paper to make that legal. He will also give me this house we live in, and if things don't work out after the 90-day program he wants to go live on our property in Arkansas.
I am glad it worked out this way, like I said, he is a good man, but PTSD is a bad thing for these combat veterans, and makes them very irrational and stupid when in a down cycle. It makes me feel sad for him and all the others, but I nor anybody can change things, they have to do it themselves.
Thank you for all the support, and Lucius, you are a character, I do think you got some PTSD too but you handle it very differently, good for you. I appreciate the kind words, the animals say HI to you.
Ladybug
Hey Lucious what half of the cat is the good half.
Mrs Ladybug glad to see you have a chance to work it out. IMy wife and I have been together 27 years and counting. Loving her more and more each day. She really is wonderful. Wishing you and all yours Merry Christmas
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Thank you, Ted, for your kind words, I appreciate that.
I wish everybody a very merry Christmas, and good profits in 2004, and also in the tail end of 2003!
Ladybug