I inherited a property from my parents. It's not pay off yet. Im the one who's continuing the mortgage payment. It's under my name (in loan document, and other paper works). Is there's a possibility that my wife could get the house if we get divorce? Or if she ask to add her name on the title, loan or any documents related to this, can she does that. or is it possible. What do I have to do to protect my inherit property?
2007-01-24 03:13:31 · 14 answers · asked by Grace G 1 in Business & Finance ➔ Renting & Real Estate
Inheritance or a gift is NOT community property; even in a community property state.
Property acquired prior to the marriage and property acquired by gift or inheritance, even during the marriage, is EXCLUDED.
Do not place her name on the deed.
Check with your attorney or accountant regarding the fact that you're paying the mortgage with possible "community" funds.
2007-01-24 03:18:27 · answer #1 · answered by ☼High☼Voltage☼Blonde☼ 4 · 0⤊ 0⤋
Yes, the children and the wife has the rights of the husband of the inherited property.
2016-05-24 04:17:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Could depend on the state you live in and any type of marital agreement that you have. Also, could depend on other factors.
Has your wife ever inherited property that you have shared .... or brought any large assets into the marriage ? How long have you been married and ..... if divorced, what would be the terms of the divorce.
As Abe Lincoln once said .... the "Attorney" that represents himself has a fool for a client." Even lawyers need a lawyer now and then ..... and you definitely need a consultation with a lawyer right now. Don't put it off another day .....
2007-01-24 03:29:55 · answer #3 · answered by burlingtony 2 · 0⤊ 1⤋
This is a complicated subject since you did not inherit the property free and clear of debt. If that were the case and she was not on the loan/deed, she is not entitled to half because you can decipher what is yours and what is both yours and your wife's property.
However, you are paying the current mortgage with shared funds. In court, she would be able to recover half of whatever portion you have paid with your shared funds. For example, if you have paid $10,000 worth of mortgage payments (for simplicity, you have a 0% rate), she would be entitled to $5,000 of that property plus appreciation of that $5,000.
As I said, it's complicated and should be discussed with a CPA or attorney.
Make it less complicated and get along with your spouse! =)
Ron, ChFC
2007-01-24 03:29:07 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Are you planning on getting divorced or in the middle of one? IF not that is a HORRIBLE way to go through marrige and you probably will end up in divorce. When you get married everything is 50/50 whats hers is yours and yours is hers. There is a law that she can get half of everything if she gets a damn good lawyer..but if the land you inherited she can prolly get half. But the house yes
2007-01-24 03:24:24 · answer #5 · answered by Anonymous · 0⤊ 2⤋
In addition to the other answers, if her name is on the deed, it is DEFINITELY half hers. As for you paying the mortgage, all money you and your wife make is considered the property of both, so you might write the check, but the money you are using to pay the mortgage is just as much hers as it is yours.
2007-01-24 03:22:28 · answer #6 · answered by Phoenix, Wise Guru 7 · 1⤊ 1⤋
More than likely yes. since you acquired it during the marriage your assets are shared 50/50. Even though you are paying the mortgage you are using a marital asset to do that. So in a sense you are both paying for it and she is entitled for half.
2007-01-24 03:21:16 · answer #7 · answered by thunder2sys 7 · 1⤊ 1⤋
Depends on where you live.
In general however, if you inherited the property after you were married, then she has a 50% share in property.
2007-01-24 03:17:25 · answer #8 · answered by Anonymous · 1⤊ 1⤋
In the state of Kansas YES!! Anything you acquire during the duration of the marriage is "common" property and is equally owned by both parties..ss
Sorry!
2007-01-24 03:17:26 · answer #9 · answered by Anonymous · 1⤊ 1⤋
Yes she does, unless you stipulate in a prenup or make her sign a document stating otherwise.
Housing whether comercial or not doesn't change this..
People need to do thier research before they answer question here
2007-01-24 03:23:30 · answer #10 · answered by Trac2100 3 · 0⤊ 1⤋