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#773355 - 05/02/17 05:46 AM inheritance monies spent on marital home
RichardJam Offline
recently joined

Registered: 04/07/17
Posts: 6
I paid a 19,000 dollar home equity loan off as well as paid 22,000 thousand to remodel the kitchen and that was in 2010 and the money was never in a joint account if that matters and I was told being that the house was upside down I had no way to try to recoup any of the inheritance money I spent on either of the items I paid for and the only way I would have been able to recoup any was to have the house at time of sale not be underwater and would like to know if that is in fact true or not if anyone has an opinion on this I would greatly appreciate it.

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#773359 - 05/02/17 04:34 PM Re: inheritance monies spent on marital home [Re: RichardJam]
TJMH Offline

enthusiast

Registered: 07/17/15
Posts: 347
First, try using the key with the little dot on it more often. TIA.

Second, I believe once you put your inheritance toward your home loan you comingled it and it became marital property. If your state uses "equitable distribution" rather than "community property" you might get some consideration, but maybe not. In any case you'd still share in any marital debt.

Edited to add: $22 million for a kitchen remodel seems pretty steep... ;-)


Edited by TJMH (05/02/17 04:36 PM)

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#773603 - 05/26/17 01:38 PM Re: inheritance monies spent on marital home [Re: RichardJam]
kathouse1969 Offline
recently joined

Registered: 05/26/17
Posts: 4
Hey,
I had a similar issue. I took my inheritance and paid off my mortgage and since the house was co-mingled I would have been screwed! I was able to keep the house 100% by agreeing to give up alimony and pay off a $15,000 2nd mortgage.

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