Marital Residence is Property Inherited by One Spouse During Marriage

[scampbell70]

Since we were married over 20 years ago, we have lived together with our 4 children in a home owned by my parents. Both my parents are deceased now. When my mother passed just over 5 years ago, she left me the house in her will. At that point, we were so deep in debt (to the tune of $80K plus) and struggling to make payments. My husband urged me to take a low interest rate mortgage to make our bills manageable. I reluctantly agreed with his pressure and aggressiveness. Since I had just returned to the work force after having our last child, I was unable to obtain mortgage on my own therefore had to have my husband as a co-signer with the agreement that his name would not be placed on the deed. He and the bank agreed.
Have I made a big mistake and given him rights to my inherited property? The thought of losing my childhood home is keeping me in an unhappy and abusive marriage.
Please advise.
Thank you.

 

[Betty3]

jurisdiction NY

If you are just a cosigner on the mortgage (not on deed), you have no rights to the equity in the property.

http://wiki.answers.com/Q/If_your_n...ights_to_any_equity_when_the_property_is_sold

 

[scampbell70]

Thank you for this info. At least I did the right thing insisting the deed be in my name only. My husband seems to think he has rights also based on the fact that he lived here for 20 years.
Your quote gives me some sense of calm. Thank you.

 

[army judge]

Thank you for this info. At least I did the right thing insisting the deed be in my name only. My husband seems to think he has rights also based on the fact that he lived here for 20 years.
Your quote gives me some sense of calm. Thank you.

You reside in NY state, correct?

What are you trying to accomplish: divorce him, retain the property in your name only, send him packing?

NY is an equitable property distribution state:

http://www.jdbar.com/Articles/equitable-distribution.html

He has rights, you have rights.

Only a court can determine what those rights are worth.

He might just be willing to give up his equitable rights, just to be done with a troublesome, quarrelsome marriage.

Many people (men and women) just want out, they don't want stuff!!!

 

[scampbell70]

I just don't want to have to sell my home. My parents gave it to me upon their death. He wants half. How is that reasonable? He says he will fight me to the death if I try to divorce. I work full time as well and run the house... Kids and all.

 

[army judge]

I just don't want to have to sell my home. My parents gave it to me upon their death. He wants half. How is that reasonable? He says he will fight me to the death if I try to divorce. I work full time as well and run the house... Kids and all.

He has the right to seek an equitable distribution of assets.

What if you were to develop an illness and die in three months?

What if you were in an accident and later died?

You might want to create a will.

You might want to consult a divorce attorney.

You can gift yourself a life estate in the home, with the remainder to your children in equal shares.

You could place the home in a perpetual trust.

You then gift yourself the exclusive use of the home with a life estate administered by the trust.

There are several legitimate ways to avoid what you don't desire to do, or have done.

Start your quest, speak to some good local lawyers.

A divorce appears inevitable, if you can't resolve your issues.

 

[disagreeable]

Hi we were married 20 years. I wanna dump my spouse, take all the assets and leave him the bills. Can I get away with it? The answer is 20 years of marriage when things were good enough for you to stick around and accumulate assets together entitles him to it.