In this case, the husband sold two properties at a less than fair market value just a few weeks after filling for divorce. The couple had given a down payment for both properties of approximately $40,000.00. The husband sold both properties for $5,000.00 to his former wife.
If it is a violation, what are the consequences? What options does the wife have to get back at the husband?
Thank You!Ah, I noticed. Before filing for divorce.
It is a clear breach of fiduciary duty and needs to be raised during the divorce. The wife should gather evidence of the properties' fair market value (e.g. zillow, local realtor) and have her attorney seek damages arising from the transaction.
Transaction prior to filing? After?
You've stated it both ways here. It makes a critical difference.
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You need to hire an experienced lawyer, NOW, in order to "tie up" the property, if possible, and to keep it from being re-sold. The procedures for this are NOT "do it yourself".
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