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    dknickerbocker's Avatar
    dknickerbocker Posts: 1, Reputation: 1
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    #1

    Jun 21, 2013, 02:27 PM
    Quit claim deed is under our llc but mortgage is in my name
    Me and my wife started a llc before we were married, we purchased a property solely with me on the mortgage before we were married, but quit claim deeded it in the LLc. We are now getting a divorce can I get the property back?
    JudyKayTee's Avatar
    JudyKayTee Posts: 46,503, Reputation: 4600
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    #2

    Jun 21, 2013, 02:40 PM
    It will be part of the divorce settlement - that's all anyone knows at this point.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    Jun 21, 2013, 05:08 PM
    It belongs to the LLC, which in turn belongs to the both of you.

    So, it follows, the divorce court wouldn't want to divide up the LLC otherwise than as set forth in the LLC operating agreement. Unless you choose to wrap up the company, the LLC should retain ownership of the real property.

    But what I cannot understand is why 90% of the persons who ask questions on this forum appear to be clueless regarding the proper use of subjective and objective first person pronouns. :(
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
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    #4

    Jun 21, 2013, 05:11 PM
    Did the mortgage lender approve the transfer of the property? If not they may decide to call the loan.
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    Jun 21, 2013, 05:16 PM
    Quote Originally Posted by ScottGem View Post
    Did the mortgage lender approve the transfer of the property? If not they may decide to call the loan.
    True, but it is an open question whether a due-on-sale clause should be interpreted to prohibit a transfer to an entity solely-owned by the mortgagors.
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