I live in the state of Minnesota and though the relationship still exists, I want to avoid ownership problems down the road in my personally funded investment portfolio, especially since there is a great likelihood of a break-up in the future.
2006-07-05 02:53:03 · 6 answers · asked by oekisola 1 in Business & Finance ➔ Renting & Real Estate
why get married if you're just going to get divorced? and they say women are the greedy ones! LOL
you need to speak to an attorney, for MANY reasons!
and by the way, why not let the "company" purchase the property in the first place?
also, even if it's a company you own or are part of she may still be entitled to some compensation.
have a great divorce...i mean, day!!!
2006-07-05 02:56:10 · answer #1 · answered by thetoothfairyiscreepy 4 · 0⤊ 0⤋
I am not sure what the law is regarding marital property in Minnesota, but if the house is in your name and you bought it prior to the marriage, there is a good possibility that you will get to keep your premarital assets. If this is not true, then you have to ask this question: Is the company also yours or is it a corporation? If it is not a corporation, transferring ownership to it will not give any protection for the rental house, since all assets including businesses are considered. If it is a corporation, then essentially it doesn't belong to you anymore, since the company is its own entity. This will hold unless the company operates as an S-Corp with you as the primary shareholder in which case you are in the same boat as when the company was a sole proprietor. Good luck
2006-07-05 03:17:09 · answer #2 · answered by donanana 2 · 0⤊ 0⤋
Sure, it is simply a gift instead of a sale, but the paperwork is essentially the same. Now, you mentioned payments, which means a mortgage somewhere. That could present a problem. Some home loans are "assumable" (and some are not) which means the loan can be assumed, taken over, by you, BUT and this is a big BUT, you have to qualify for the loan as any other buyer would have to. Once the loan is in your name, and you fail to make the payments, the mortgage lender will likely forclose, evict you and force a sale to recover their money. Bankruptcy (I'm guessing that's what you mean by the "BK," am I correct?) does not relieve you of this kind of debt, but rather restructures the debt. Remember, you do not "own" the house, the bank does, until it is completely paid in full, in the same manner as the bank or finance company owns your car. You are the registered owner, not the legal owner until the loan is paid in full. The legal owner can take back the assets (house, car, whatever assets were used to secure hte loan) if you fail to pay. Get a lawyer involved in this so you are fully aware of the legal ramifications of forclosure and bankruptcy. There is no such thing as a free lunch.
2016-03-27 04:43:13 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depending upon the laws in MN, you might not even be able to transfer ownership to the company without your spouse's approval. You need to discuss this with a local attorney with experience in family and real estate law. (If I were your spouse, I'd be talking to my own attorney right about now.)
2006-07-05 03:21:32 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You ask a very valid question, especially since the divorce rate is 50%. Also, it is a frequent question asked by people who get involved in business partnerships. At this point, you need to consult a lawyer.
Good Luck
2006-07-05 05:33:31 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Ya but why be with this person if you don't want to share everything. Where I live it does not matter if you are married or not as long as you live together 6 months the state see's that as marrage. but anyways yes you can as long as the property is not in you name and she has not help pay for it.
2006-07-05 03:02:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋