Legal Question in Family Law in Maryland
Divorce
I am in partners on a house purchase with a friend who recently left his wife and will be filing for separation. We bought a few months ago to flip it and are to settle in a couple weeks. He says he would like to continue doing more but I dont know the risk I am taking having a joint account with him especially when things start to get nasty. Should I just settle on this one and get out? I dont want my money tied up in any legal issues with him. What kind of risk am I taking?
1 Answer from Attorneys
Re: Divorce
In view of your concerns, you would be wise to try and negotiate a written partnership agreement with your friend before investing in any more properties. You need to provide for circumstances where disputes arise between you as to how to conduct the business. You should also have buy out provisions in case one of you wants to terminate the relationship. Incidentally, your friend's marital situation may complicate your current joint venture, as his estranged wife probably has a legal interest in his share of the property.
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