Marital Property Question

S

skizzle

New Member
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
 
B

Beth_kennedy

Guest
skizzle said:
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
Click to expand...

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

Dymphna

Loyalty, Friendship, Love
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.
 
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