My boyfriend of 3 yrs decided to have an affair, I kicked him out. I live in California. Now we are selling our 2 houses. One house is totally in my name and we are upside down in, the other is in both of our names and there is some equity. There was no contractual agreement that once the houses sale he would get the money he put down on these houses back. Do I have to repay him the monies?
2007-01-02 14:06:24 · 9 answers · asked by Sally 1 in Politics & Government ➔ Law & Ethics
I agree with abqdan's answer as it relates to the house you say is in both your names, which would indicate joint tenancy or tenancy in common. The profit from the sale of that house will be split equally, after expenses, unless you have some contract saying otherwise.
Your greater problem is the house which is just in your name. How upside down are you? If the home is now worth less than your loan AND your down, then there are going to be no profits from the sale. If there is a debt left to pay, you may WANT him to have part responsibility for that.
Lots of questions arise here, whether there are profits or not. Can he claim that since the house was not in your name that the part of the down he paid was a loan which you are going to have to repay even if you have a loss on the sale? Can you show that the payment was a gift to you, and not part of the purchase price? Can he show that you intended him to have a part interest (e.g., has he been deducting part of the mortgage interest)?
This is why it is always better to have everything involving an interest in property in writing. At any rate, if there is any substantial amount of money involved here after the sale, either as profit or debt, you both need to consult a real estate attorney.
2007-01-03 07:58:14 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If this goes to court, the decision will be:
The houses should be sold, and any mortgages or other notes on the property must be paid.
What each of you contributed - deposit money, money for remodelling, repairs, utilities, and mortgage payments must be accounted for and deducted.
The remaining profit to be split equally.
I assume in all this that the properties are held as joint tenants.
Your love life, his love life, his infidelity - these have nothing to do with the law, business, or investments.
If it goes to court, you will both end up with major legal bills; but if he is found to be in the right (which he will be) then you will end up paying ALL the legal bills for both of you.
Do what is right legally and morally; give him back what he paid in to the properties, and then split the remaining profit - that way, none of it will go to the lawyers.
2007-01-02 14:51:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
if there is proof he paid the money that was put down on the houses, he might sue you to get it back. if the house is in your name, there is nothing he can do to the house, but the one that is in both your names, he has rights to it and is also responsible for it. i would consult a lawyer for more specifics, cause i live in ohio and the laws are different here. Good luck though!
2007-01-02 14:15:57 · answer #3 · answered by SuzyBelle04 6 · 1⤊ 0⤋
California isn't a uncomplicated regulation state--your responsibilities would be defined via contract and statute. the homestead you very own mutually is held the two in joint tenancy or as tenants in uncomplicated, and (till there's a opposite contract) the two proprietors are entitled to an equivalent share of the proceeds of the sale. this could not be a undertaking in case you contributed the two to the down fee and to the very own loan. If no longer, there would be a dispute as to the distribution of the proceeds, and that distribution will probable influence the two certainly one of your tax circumstances. the homestead on your call could be much extra difficult if there grew to become right into a earnings to be made on the sale, in spite of the undeniable fact that it sounds like there's no longer. in spite of the undeniable fact that, there are nevertheless important tax ramifications from allocation of the loss, and that i doubt that your ex is going to assert that his part of the down, any any factor of the very own loan money he made, grew to become right into a contemporary to you. In the two situations, one ingredient that is going to would desire to be seen is who took the very own loan interest deduction on your tax returns, and for a fashion plenty. Assuming there's a stable quantity of money in contact (and that i anticipate there is in a California place of living), you the two would desire to look for advice from a actual components lawyer.
2016-10-06 08:54:39 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Sally, this is a major legal issue. I would consult with an Attorney and get Legal Protection on your investments. Use the sites below as a source of reference on this issue. The last site is an Affordable way to get access to an Attorney/Law Firm in CA. Hope this helps you out.
2007-01-02 14:09:41 · answer #5 · answered by citronge69 4 · 0⤊ 1⤋
Sell them both and split the profit or loss!
2007-01-02 14:11:05 · answer #6 · answered by Anonymous · 1⤊ 0⤋
You were actually gullible enough to buy houses with a boyfriend?
That's what you get for investing in someone who doesn't believe in commitment.
2007-01-02 14:11:00 · answer #7 · answered by Privratnik 5 · 1⤊ 1⤋
No, absolutely not. He had the affair and most importantly there is no contractual agreement. Please don't repay him and reward this behavior.
2007-01-02 14:17:44 · answer #8 · answered by Sweetgirl 3 · 0⤊ 2⤋
What would you expect if the shoe were on the other foot?
2007-01-02 14:08:59 · answer #9 · answered by Jassyjuju 2 · 2⤊ 0⤋