Marital Property Question

skizzle · 08-26-2008, 08:20 PM

Hopefully someone can answer a few questions for me regarding the division of marital property. I have searched the web but can't seem to locate these answers.
1. If there are more than 2 names on the deed and one is deceased, does that person count in any way?
2. If one person wants to keep the house, does that person have to buy the other out of their half? Does a second mortgage count in dividing the house or is it just based on the appraisel value?

TIA

08-26-2008, 09:06 PM

Quote:

Originally Posted by skizzle

Hopefully someone can answer a few questions for me regarding the division of marital property. I have searched the web but can't seem to locate these answers.
1. If there are more than 2 names on the deed and one is deceased, does that person count in any way?
2. If one person wants to keep the house, does that person have to buy the other out of their half? Does a second mortgage count in dividing the house or is it just based on the appraisel value?

TIA

So is this other person dead. or will be dead if they don't want to sell the other half?

Dymphna · 08-26-2008, 10:22 PM

If the property is owned as a "joint tenancy," (aka w/ right of survivorship) which is usually the case with married people, then when one dies the ownership goes automatically to the other person(s) on the deed. If the property is owned as "tenancy in common" then when one person dies, his/her share of the house goes to his/her heirs and has to be probated. The kind of ownership should be indicated on the deed.

In either case if the person is still alive and on the deed, the house cannot be sold without their signature. That means they can demand their fair share of the profit from the sale in return for their signature or can just refuse to sign at all. First and second mortgages usually have to be settled if ownership changes hands, even if that means going from a joint ownership to a single ownership. If the person is being a jerk and won't sign or if there is an argument over how the division is to be made, you are probably going to have to go to court.

Oz ^(Premo) · 08-26-2008, 10:32 PM

You need an attorney before you kill someone...

unixpirate · 08-26-2008, 11:15 PM

Quote:

Originally Posted by Beth_kennedy

So is this other person dead. or will be dead if they don't want to sell the other half?

08-26-2008, 08:20 PM	#1 (permalink)
skizzle Registered User Member Since: May 2008 Location: St. Mary's Posts: 98	Marital Property Question Hopefully someone can answer a few questions for me regarding the division of marital property. I have searched the web but can't seem to locate these answers. 1. If there are more than 2 names on the deed and one is deceased, does that person count in any way? 2. If one person wants to keep the house, does that person have to buy the other out of their half? Does a second mortgage count in dividing the house or is it just based on the appraisel value? TIA
	[ Reply w/Quote ]

08-26-2008, 10:22 PM	#3 (permalink)
Dymphna Loyalty, Friendship, Love Member Since: Jan 2003 Posts: 7,767	If the property is owned as a "joint tenancy," (aka w/ right of survivorship) which is usually the case with married people, then when one dies the ownership goes automatically to the other person(s) on the deed. If the property is owned as "tenancy in common" then when one person dies, his/her share of the house goes to his/her heirs and has to be probated. The kind of ownership should be indicated on the deed. In either case if the person is still alive and on the deed, the house cannot be sold without their signature. That means they can demand their fair share of the profit from the sale in return for their signature or can just refuse to sign at all. First and second mortgages usually have to be settled if ownership changes hands, even if that means going from a joint ownership to a single ownership. If the person is being a jerk and won't sign or if there is an argument over how the division is to be made, you are probably going to have to go to court. __________________ Ná glac pioc comhairle gan comhairle ban.
	[ Reply w/Quote ]

08-26-2008, 10:32 PM	#4 (permalink)
Oz ^(Premo) You're all F'in Mad... Member Since: Jun 2002 Location: Beverly Hills/London Posts: 4,371	You need an attorney before you kill someone...
	[ Reply w/Quote ]

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