Start Your Divorce Today - Premium Divorce Online

Topic Options
#771647 - 04/06/16 03:35 PM Property, Mortgage paid off with inheritance
FrankJackson Offline

recently joined

Registered: 04/06/16
Posts: 2
We own a house, title is in my name only. We paid off the $300,000 mortgage with an inheritance from my father so now own it out right.
I know that Money put into the house becomes marital property ,just wondering if there is any way at all that the house proceeds would not be split in 2. My wife ad I have been separated 8 months, have no legal separation and she moved out 8 months ago. Does her moving out change anything?

Top
#771648 - 04/06/16 04:22 PM Re: Property, Mortgage paid off with inheritance [Re: FrankJackson]
TJMH Online   content

enthusiast

Registered: 07/17/15
Posts: 347
I don't think her moving out impacts anything, the house is still marital property. And yeah, when you put your inheritance money into the marital home you likely lost any claim to it as your separate property.

Whether it will absolutely be split equally probably depends on what state you're in. If it's a "community property" state it will almost certainly be split evenly, but if your state uses "equitable distribution" it might not be, depending on what arguments you make and other circumstances. And keep in mind that the equal split is based on the total value of your marital property, not each individual item, so you can always agree that one of you gets the whole value of the house in return for the other getting something else--cash, cars, stock, retirement accounts, etc.

Best thing would be to reach an agreement that both you and your ex think is fair. Otherwise it's up to the lawyers and the judge.

Top
#771649 - 04/07/16 04:49 AM Re: Property, Mortgage paid off with inheritance [Re: TJMH]
matilda Offline
Pooh-Bah

Registered: 11/11/04
Posts: 2137
My sister was awarded the portion of the house equity that was attributed to her share of inheritance. This occurred in a community property state. She had to show a clear line of non-marital inheritance that went directly toward the house. I would start collecting the paper trail now just in case your lawyer thinks it is relevant.

Top
#771650 - 04/08/16 06:05 PM Re: Property, Mortgage paid off with inheritance [Re: FrankJackson]
MinnesotaMom Online   content

old hand

Registered: 01/05/11
Posts: 791
You need an attorney. Law regarding inheritances and marital property vary greatly from state to state.

Top
#771651 - 04/09/16 11:06 AM Re: Property, Mortgage paid off with inheritance [Re: MinnesotaMom]
FrankJackson Offline

recently joined

Registered: 04/06/16
Posts: 2
I'm in NY, so the division is equitable. I have a lawyer now so leaving it up to him. From what i read money put into a house is converted into marital property.

I did misremember the order of things slightly. I used my inheritance as a downpayment on the house, while we still lived in a our apartment that we owned. So at that point the downpayment was for a "second home." Once we sold the apartment , that money was then used to pay of the mortgage and we moved into the house. I do not know if that makes any difference.

Top
#771652 - 08/30/16 04:21 PM Re: Property, Mortgage paid off with inheritance [Re: FrankJackson]
HomeCoachHelp Offline

recently joined

Registered: 08/30/16
Posts: 3
Definitely unless she signs something saying otherwise. You basically put your stuff in the our stuff category. Email [email protected] if you decide to sell or lease. By her moving you have a big chance to get her to sign something especially if you offer a small loan with the big loan attached. Its still not too late to consider it as a loan long as its agreed.

Top

Moderator:  dsAdmin 


Resources & Tools
Start Your Divorce Online Start Your Divorce
Several Options to Get Started Today.
Divorce Tools Online Divorce Tools
Keeping it Simple to Get the Job Done.
Divorce Downloads Download Center
Instantly Download Books, Guides & Forms.
Divorce and Custody Books Discount Books
Over 100 of the Best Divorce & Custody Books.
Negotiate Online Negotiate Online
Settle your Divorce and Save.
Custody and Support Tracking Custody Scheduling
Make Sure You Document Everything.

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code: