Legal Question in Real Estate Law in Maine

Asset division

Hello,

I/We have a rather complicated situation on our hands and I/We are not sure where to go for guidance and or what steps to take.

I/We are not sure to if we should see a Lawyer, CPA, Financial advisor, a Mediator or even someone else, quite frankly I/We are totally confused.

It is very complicated and seems best described as a partnership/business gone bad! I will try to explain the best I can.

My Girlfriend and I have split up very amicably, and we need/want to split up our assets.

The biggest problem we have is that our names are on 3 properties # 2, 3, and 4 (see below)

First of all let me tell you that I mortgaged �my primary residence'' which only has me on the title for the purchase of these 3 other properties.

Property # 1 is in Mass, which I had previously owned outright and was fully paid for some years back, but now I have an outstanding Mortgage for approximately $ 380.000 to help pay for 2 of the other three properties we purchased together # 2 and 4 below.

Property # 2 is in Maine� the price of the house was 315.000 back in May of 2003... My Girlfriend put up 60,000 and I put up the rest 255.00 from the refinancing of Property # 1

Property # 3 is in Florida ... the price of the house 28


Asked on 3/01/07, 4:58 pm

4 Answers from Attorneys
Jerome Aaron Law office of Jerome L. Aaron

Re: Asset division

Your plight is not nearly as difficult as you might think. It's a matter or first determining either what percentage of the assets each of you should take, or taking the properties one by one and deciding where the money came from and then who should get what. You might think to sit down with a mediator and go over the numbers, trying to find a reasonable position on all the properties at once. Let me know if you need further assistance.

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Answered on 3/05/07, 9:32 am

Re: Asset division

You will need to re-deed and finance these properties and should have a memorializing document regarding the asset and debt allocations. Our office has a multi-state practice and can assits/represent you in this partnership dissolution.

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Answered on 3/01/07, 5:08 pm

Re: Asset division

You definitely need to see an attorney and if there are tax issues that need to be dealt with as to structure and implications beyond the attorney's knowledge, he can bring in a CPA.

I would suggest you call me to discuss the matter in more detail as I was unable to get your entire problem from the description you made.

You have a number of options depending upon what your goal is. Please feel free to contact me without obligaiton.

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Answered on 3/01/07, 5:18 pm
Herbert Cooper Law Offices of Jameson & Cooper

Re: Asset division

Your question suggests that you have a good handle that this is a multidisciplinary problem. Had you consulted with an attorney "way back when", we might have suggested putting down your understandings on paper, e.g., as you were creating a partnership, who was going to have what obligations, and how were profits to be shared.

I think that you will want to consult with both an attorney and a CPA, and it is likely that your girlfriend may need separate counsel. (Whether you treat this as divorce-like or business breakup, it is pretty much the same thing.) To unwind, you either liquidate, or exchange interests if that can be done. You need to sort out who gets what, consider tax issues, then an attorney can help you with the necessary steps.

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Answered on 3/01/07, 6:40 pm


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