Division of profits in Joint Tenancy

[joeschmoe]

I have a question about the division of profits from the sales of a property owned by 2 joint tenants.

Ten years ago, my father put me on the title of his house in Massachusetts (valued at $400K, equity $75K) as a joint tenant. Since then, I have paid all expenses associated with the house, including mortgage, taxes, interests, insurance, repair/maintenance costs, and utilities while both my father and I lived in that house. Two years ago, my father and I sold the house and, using the proceeds from that sale ($200K), I bought another larger house entirely in my name. My father gave me his portion of the proceeds with my verbal promise that he can stay in the in-law apartment in the new house indefinitely.

Because of a breakdown in our relationship, my father is now demanding I "pay him back" his share of the proceeds of the old house. I figure he is owed 50% of the proceeds minus 50% of the expenses (mortgage, taxes, interests, insurance, repair/maintenance costs, and utilities) I paid throughout the years. Is this correct? In otherwords, am I correct to assume that I had a full 50% share of the proceeds of the old house even though I did not pay anything in return for getting on the title and mortgage in the first place? Is my father legally required to reimburse me for the expenses I paid to support him/the house for ten years? Must I continue to support him once I have paid him back his fair share?

Thanks in advance

 

[army judge]

Work out a deal with dad.
In your state, as in many others, equity will come to play; if this goes to court.

Equity will see this dad's way.


Work out a deal, or get an intermediary you both trust to work out a settlement.

If this goes to court, you'll end up paying dad more than he owes you.


You might also end up thrown out on your rear, if dad hires a shark of a lawyer. Heck, I'd represent dad pro Bono in this one. I'd even pay my own expenses to MA to do it and my pro hac vice fees!

 

[joeschmoe]

Thanks for your response. In my original post, I wasn't clear about how the transfer occurred.

When I wrote "my father put me on the title of his house", I was being over-simplistic. In actuality, ten years ago changed ownership as a result of a divorce settlement between my father and mother: according to the quitclaim deed and seperation agreement, my mother and my father granted ownership of the property to my father and myself as joint tenants with rights of survivorship for "consideration of less than one hundred dollars". So arguably only 50% of the equity transferred from my mother to myself, with my father retaining the other 50% equity.

While I'm planning on working out a deal and getting an intermediary involved, I can't be sure that my dad won't take this to court. What are your thoughts with the added insight from above?

Many thanks again.

(Btw which state do you practice in? and are you open to working on such a case going forward?)

Work out a deal with dad.
In your state, as in many others, equity will come to play; if this goes to court.

Equity will see this dad's way.


Work out a deal, or get an intermediary you both trust to work out a settlement.

If this goes to court, you'll end up paying dad more than he owes you.


You might also end up thrown out on your rear, if dad hires a shark of a lawyer. Heck, I'd represent dad pro Bono in this one. I'd even pay my own expenses to MA to do it and my pro hac vice fees!