Legal Question in Real Estate Law in California
I am going through a divorce. my parents received property when my great grandmother passed away and gave the property to me and my wife of a week then.. she Is trying to get half of value. I have no plans to sell and want to leave property to my children. does this fall under legacy laws ? how can I save the kids rights to this property?
2 Answers from Attorneys
If the property was a gift to you from your parents, then it would be your separate property. It appears, however, from your post that it was a gift to both of you. In that situation, it sounds as though you must either divide the property or buy out her interest.
It sounds as though this property is held by the two of you as co-owners, and if so, that's about as far as a court is going to go in determining your respective rights to it. In a divorce, the court's job is to divide all co-owned (community, etc.) assets and liabilities as equally as possible. This may mean the property will have to be sold and the proceeds divided, or, if you want to keep it, you'll have to give up other assets worth half its value. A good divorce attorney can explain this is more detail and perhaps give you options based on knowledge of the joint assets involved, their valuation and the preferences of the ex-partners as to who gets what.
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