QUESTION
If my husband received a settlement from a lawsuit, then bought a condo as an investment under both our names, would I be entitled to it?
Asked on May 14th, 2013 on Divorce - Michigan
8 ANSWERS
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You would be entitled to one-half the value unless he can prove that your name was put on it for financing purposes only.
Answered on May 16th, 2013 at 1:34 PM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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Possibly if you both lived there for a while and its status was converted to marital property by his actions.
Answered on May 16th, 2013 at 8:54 AM
Debra L. Palomino
Good morning, Based on your facts, then yes, he made a gift to the community by titling the condo in both of your names.
Answered on May 16th, 2013 at 8:42 AM
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The short answer is most likely, but it depends on the facts of your situation, length of marriage etc. you mayn't be entitled to a full 50%, but some percentage of the equity. You should consult with a family lawyer, who would review all the facts of your case in order to give you accurate advice.
Answered on May 16th, 2013 at 8:17 AM
Divorce Attorney serving Frisco, TX
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Mackoy, Hernandez, Jones and Woods LLP
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The settlement sum from a lawsuit can be structured in several ways, depending on the nature of the lawsuit claims, etc. A review of the facts of the lawsuit and documents related to tracing the money are required to answer your questions. I suggest you hire a lawyer.
Answered on May 16th, 2013 at 8:12 AM
Upon the filing of any dissolution of marriage action it becomes marital property. If it is in both of your names you have an interest in the property. It will get divided either by agreement or by the court along with all the other marital property.
Answered on May 16th, 2013 at 8:11 AM
Divorce Attorney serving Bloomfield Hills, MI
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Catchick Law, P.C.
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If both of you maintained the condo or used marital funds (such as his income earned during the marriage) to pay the condo taxes and maintenance and association dues and upkeep, then I believe you have a solid claim to 50% of the equity in the Condo.
Answered on May 16th, 2013 at 8:08 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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There is some interesting issues, we put it into both names generally you would have a claim to it. The answer to your question may also be somewhat determined by the reason for the settlement.
Answered on May 16th, 2013 at 8:06 AM