Hi,
I recently split from my boyfriend last month. We were together for 1 year and 9 months. We lived together for approximately 1 year and 4 months. We had no property when we got together, we have no children, and we both came into the relationship with no major assets. My parents sold us a property about 9 months ago for $200,000 under the valued price of the property, thus gifting the $200,000. He would like to take half of the money from the sale of the property (so $100,000).
1) Is he legally entitled to any of this money considering my parents contributed this money by selling the property under value to us? Or is this considered capital gains made after the purchase, even though the valuation shows the house was valued $200,000 higher at the time of purchase.
2) Can this money be considered a gift to me by my parents, or is it a gift to the both of us?
3) Would we be considered de facto or not? And would this have any sway on the potential outcomes of a court hearing.
I understand that we need to come to an agreement together before anything else, but I'm wondering if we can't come to an agreement and it goes to court.
Thank you in advance!
I recently split from my boyfriend last month. We were together for 1 year and 9 months. We lived together for approximately 1 year and 4 months. We had no property when we got together, we have no children, and we both came into the relationship with no major assets. My parents sold us a property about 9 months ago for $200,000 under the valued price of the property, thus gifting the $200,000. He would like to take half of the money from the sale of the property (so $100,000).
1) Is he legally entitled to any of this money considering my parents contributed this money by selling the property under value to us? Or is this considered capital gains made after the purchase, even though the valuation shows the house was valued $200,000 higher at the time of purchase.
2) Can this money be considered a gift to me by my parents, or is it a gift to the both of us?
3) Would we be considered de facto or not? And would this have any sway on the potential outcomes of a court hearing.
I understand that we need to come to an agreement together before anything else, but I'm wondering if we can't come to an agreement and it goes to court.
Thank you in advance!
