MBA05,
W4, A2
Real Property and Land Use
Consider the given scenario.
Violet and Max Harris had been living together in
New Mexico since 1997. They purchased a condo together as joint tenants in
April 1999. Max made the down payment from his savings. The mortgage payments
were made from commingled funds before and after the marriage. Violet and Max
married July 2001. In July 2007, they separated.
In August 2002, Violet founded Bio-Tech Corporation,
a biotechnology firm, with $30,000 that she received as an inheritance from her
grandmother. She worked full time for Bio-Tech and owned all of the company’s
stock. Max continued with his job with another employer and was not involved in
Bio-Tech’s operations. Due to limited financial resources, Violet did not draw
a salary from Bio-Tech until August 2007.
In September 2007, Bio-Tech’s first product was approved by the Food and Drug
Administration. Shortly thereafter, Violet sold all of her Bio-Tech stock to a
large pharmaceutical firm for $30 million. Two days later, Violet filed for
dissolution of marriage.
Discuss the legal ramifications of the division of
condo, Bio-Tech and other assets.
-Would it make any difference if Violet sold the
property after filing for the dissolution of marriage?
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Analyzed and described the legal |
Submit the answers in a 2- page Microsoft
Word document. **APA formatting, Provide References with citations quoted work,
Introduction & Conclusion, please**
Cite any sources you use in the APA
format.
**Provide incredible outside research such
as 2-SCHOLARLY sources to support
your findings. **
