QUESTION

Do I put my name on an offer to purchase real estate with my sister that she is paying cash?

Asked on Jul 08th, 2017 on Divorce - Wisconsin
More details to this question:
My sister is buying a condo with cash for me so that I can move out of the house my spouse and I own jointly. I will get 50% of the appraised value (no lien) which I will use to pay my sister back. We filed jointly pro se 5/24/17 final hearing is scheduled 9/25/17.
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1 ANSWER

Divorce Attorney serving Milwaukee, WI
Partner at Karp & Iancu S.C.
4 Awards
Gifts and inheritances are exempt from property division in a divorce under Wisconsin law, when received before or during the marriage from a third party; if you trust your sister that she is buying the property for you and at some point down the road will transfer appropriate title to you, you could ptoceed  by having the property titled in her name; if you proceed by her giving you the money now so you can purchase the property on your own and have it titled in your name, you may find the title company refusing to allow you to close on the property in the middle of a divorce without first providing a copy of your  divorce decree proving you are already divorced or your spouse signing a chapter 766 waiver form relinquishing marital property rights to the home you are purchasing.
Answered on Jul 08th, 2017 at 7:36 AM

David B. Karp Karp & Iancu, S.C. 933 North Mayfair Road #300 Milwaukee, WI 53226 414 453 0800 dbk@karplawfirm.com www.karplawfirm.com

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