Legal Question in Real Estate Law in Wisconsin
Cohabitating/property
I have lived with my boyfriend for 7 years and I helped him to start a landscaping business. I allowed him to use my credit to purchase equipment needed, (i.e. Lawn Mower, Trailer and a truck), of which are in my name. He also purchased a TV, $1,400, with a credit that is also in my name. He has a $4200 balance on the credit card. He has paid $1400 on the trailer/mower. Totaled owed on equip. $3044. He recently obtained a loan to buy the truck from me, but is unable to get a loan to pay the rest of the debt he owes. Is he entitled to any of this property if it is all in my name? What should be my next step? Because he wants take it all and make payments to me, of which I know he will not pay. Is it within my rights to retain all property that is in my name?
1 Answer from Attorneys
Business Property Purchased for Ex Boyfriend, Recovery of Investment in Business
Although I cannot represent you without knowing a lot more, generally speaking, the old saying of "Possession is 9/10th of the Law" has a lot of merit. If you own property and are in possession of it, the dissatisfied party would have the burden of commencing litigation, which is a very expensive process. Sometimes, it's simply not worth suing if the value of the property is minimal. What you really need to do is retain an attorney for advice on whether or not you wish to pursue a lawsuit for dissolution of what appears to be a partnership. Another option might be to simply to liquidate the property, i.e., sell it to the highest bidder, with notice to the "ex" so that he can protect his interest in it if he has any, or commence suit to stop the sale if he feels that is necessary. These are only two option out of hundreds in a situation such as this. Good luck!
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