Legal Question in Real Estate Law in Wisconsin
land contract and divorce
my uncle is going to buy a house/property from his mother, under a land contract.
What happens to the house/property if he gets a divorce?
does she simply get half the equity and debt? does she have any legal claim on the property?
this is in wisconsin.
1 Answer from Attorneys
Land Contract Division in Divorce, Prenuptual Agreements
While your guess may be correct (that the equity in the land contract property or any other asset may be subject to division by any divorce court), outcomes in any divorce are extremely unpredictable and subject to negotiation by the parties. A valid prenuptial agreement, however, can come close to assuring predictability if a divorce occurs. I would therefore recommend one to all parties who are considering marriage but who want to retain their own property if things don't work out in the end. My comments here are not intended as legal advice to you unless you subsequently retain me and revisit this issue with me afterwards.