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partial owner of house wondering about asset protection during lawsuit

Discussion in 'Joint Ownership' started by vedssov, Oct 6, 2011.

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  1. vedssov

    vedssov Law Topic Starter New Member

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    hello all,

    I am the partial owner of a house along with 1 sibling and my parents. currently I am the only owner residing in the property that is shared. recently I received a letter informing me of a suit against me for 5000 dollars for file sharing. as the files were shared from my I p address and the internet service is billed to my name, I am hoping to find some feasible form of asset protection. so far I've come across the grant deed forms online, however, I would prefer not to fully relinquish my share in the property. is it realistic to make use of some sort of asset protection trust in order to keep my share of the property from being put in jeopardy? If not, are there other courses of action I may pursue which could aid in protecting the property from this lawsuit or any other problems that may arise in the future, while preserving my legal ownership of the property?

    Thanks in advance for any advice.
     
  2. army judge

    army judge Super Moderator

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    If you own the property as joint tenants in common, the rights of your joint tenants protect you.

    I suggest you consult an attorney.

    It may cost you a couple thousand to settle this mess.

    Usually these file sharing lawsuits end in "pay offs" and wrist slaps.

    They don't really want five grand in most cases.

    They want a token payment and your word to never engage in this conduct again.

    This isn't as big a deal as you are making it.

    You might reach out to the other side and inquire what it would take in your part to end the lawsuit.

    You'll be surprised at what you'll hear.
     

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