My bf and I share a house. The house is in my name only, he helped pay for some of the remodel of the house.
Now, here's the sticky part, if and when I sell the house, am I legally obligated to give him a portion of the equity? Is there a specific percentage?
There were no papers drawn at the purchase to indicate anything other than I was purchasing as a single female. What should I do to protect my asset(s)?
We live in SC.
2007-05-28 15:32:13 · 6 answers · asked by TygerLily 4 in Business & Finance ➔ Renting & Real Estate
Oh yes, i definitely want to be fair. The reason I'm asking is SC is some kind of married though unmarried, (although there hasnt been a ceremony state) and I am really nervous about the implications. I love my bf and would never cheat him. What I don't love is that I'm considered married simply by virtue of living in the state of SC with a loved one. I never even heard of such a thing until we got here.
2007-05-28 16:04:21 · update #1
Everyone has gave you good advice but the bottom line is SC a common law state? If so he is intitled to 1/2 of your property, and you are entitled to 1/2 of his. Now he will have to get a attorney to enforce this.
2007-05-28 17:10:27 · answer #1 · answered by Dano N 3 · 0⤊ 0⤋
In all fairness, if you sold the home, I would at least give him a percentage of the return on the improvements. If you're staying together and sell the home, I would suggest that it goes in a mutual savings account for a specific purpose.
As far as legality, as far as I am aware, these kinds of things happen all day long and you're not required to give anyone any percentage of anything at sale of the home.
Unless he's a contracting firm or a subcontracting firm owed money which filed a notice to owner/notice to contractor/subcontractor and is filing within the statute of limitations, which is typically within 90 days of initial invoicing, he can't really file a lien against your home... I work for a contracting company that files liens all day long and am familiar with the laws, in Florida at least, regarding filing a lien against a property.
What you're talking about is common law marriage and typically does not stand up in court anymore. To be defined as common law, you would have to present yourself to the public as though you are married, not just living together. IE You would have to say "This is my husband, XYZ" when introducing him.
Per your state's statutes,
The criteria for a common law marriage are: (1) when two parties have a present intent (usually, but not necessarily, evidenced by a public and unequivocal declaration) to enter into a marriage contract; and (2) "a mutual agreement between the parties to assume toward each other the relation of husband and wife." See Tarnowski v. Lieberman (S.C. Ct. App. 2002). The minimum age for such a marriage is fourteen years old as established by South Carolina Code of Laws 20-1-100 (2004). For this law to apply the minimum time the couple have lived together continuously had to have exceeded 30 days.
2007-05-28 15:45:28 · answer #2 · answered by sovereign_carrie 5 · 0⤊ 1⤋
What governs in a situation like this is what the agreement betweem you and your boyfriend is. The fact that it is not in writing should not make a difference. You and he ought to live up to your agreement. If this was taken up in a court situation you would be asked what you agreed upon. And if what he says and you say are in agreement, that is what prevails. If you disagree then other proof, as a written contract might be considerd or perhaps a witness to the agreement. So the best thing for your integrity and peace of mind is do what you agreed to do.
2007-05-28 16:01:43 · answer #3 · answered by stedyedy 5 · 0⤊ 0⤋
If it's in your name, then you aren't legally required to give him anything if you sell it. But if he contributed a substantial amount to it, it would be decent to give him part of the profit.
Some would depend, of course, on if he's still your bf at that time, and if not, how ugly the breakup was.
2007-05-28 15:41:02 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
If he can prove that he paid for some of the improvements, he could file a lien against your home and collect at the time of sale. If he can't prove it, then you are not obligated to give him anything. However, just in good faith, the right thing to do would be to give him at least what he contributed in money and labor.
2007-05-28 15:38:51 · answer #5 · answered by Anonymous · 0⤊ 2⤋
get a living will with a revocable trust...
2007-05-28 15:36:00 · answer #6 · answered by CB Run 2 · 0⤊ 1⤋