L loaned my farther in law and mother-in-law. $5000.00 to use while purchasing a home we were living in the home for 2wks shy of 3yrs while living there farther in law and mother in law met with us and said not to think of it as a loan but as an investment and that the EQUITY. would be SPLIT. 50/50 well father-in-law and daughter had a serious argument and he father-in-law said to us to get the "fuck out" we not being on any paper work we left the house can I get my$ 5000 plus the EQUITY promised?
Answer
This matter appears to be suitable for small-claims court, where your investment of time and money is much less than in regular court, so it might be worth a try, especially since the family relationships involved seem to have soured irrevocably. However, there's a defense available to the in-laws: the statutes of frauds require that certain transactions be in writing in order to be enforceable, and these include loans of this size as well as transactions involving title to or long-term possession of real estate. If they raise these defenses, you'll need something in writing to prove the existence of the transactions, and from what you've told us, they look entirely oral.
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