Home Equity

[djbwater69]

What is the name of your state (only U.S. law)? Indiana

I'm going through a divorce.My wife will soon be asking for half the equity of our home.We live in Indiana which is an equal division of all marital assets.The house deed is in my name and my father's name...she didn't want her name on it when I refinanced.Would this make my father as part owner?And would she be able to come in on "his" half of the equity?Thank you.D.B.

 

[mistoffolees]

What is the name of your state (only U.S. law)? Indiana

I'm going through a divorce.My wife will soon be asking for half the equity of our home.We live in Indiana which is an equal division of all marital assets.The house deed is in my name and my father's name...she didn't want her name on it when I refinanced.Would this make my father as part owner?And would she be able to come in on "his" half of the equity?Thank you.D.B.

She will be entitled to 1/2 of the MARITAL equity - which may or may not be equal to 1/2 of the equity.

I believe that you own half of the home and your father owns half, so she can ask for 1/2 of the marital portion of your half. That is, she gets 1/4 of the amount of home equity accrued during your marriage.

 

[LdiJ]

She will be entitled to 1/2 of the MARITAL equity - which may or may not be equal to 1/2 of the equity.

I believe that you own half of the home and your father owns half, so she can ask for 1/2 of the marital portion of your half. That is, she gets 1/4 of the amount of home equity accrued during your marriage.

That is the most likely scenario, but there is a slight chance that his father is on the mortgage but not on the deed.

 

[mistoffolees]

That is the most likely scenario, but there is a slight chance that his father is on the mortgage but not on the deed.

Maybe, except that OP stated: "The house deed is in my name and my father's name".

 

[djbwater69]

Equity

Thank you for responding.My name is the only one that is on the mortgage.My father's name and my name is on the deed.Her name is not on anything.We think she can only ask for 1/4 of the home equity?Again-thank you for responding...I really appreciate it.D.B.

 

[nextwife]

When was the house acquired? Was it premarital?

She may only be entitled to 1/4 of the MARITAL equity.

 

[mistoffolees]

Thank you for responding.My name is the only one that is on the mortgage.My father's name and my name is on the deed.Her name is not on anything.We think she can only ask for 1/4 of the home equity?Again-thank you for responding...I really appreciate it.D.B.

See my post above. In all likelihood, she would get 1/4 of the MARITAL equity (which may or may not be equal to the total equity - depending mostly on when you bought the house and what was the source of funds used to buy it).

 

[djbwater69]

Home equity

Thanks again.My father bought the house 20yrs before we were married.I had rented off him a couple yrs before our marriage.When we were married he turned the house over to me.I told her then that I would put her name on the deed,but she refused.So I added my father,since it was his property before.We had a "verbal" agreement at that time,that she didn't want her name on any of my parents property,and I didn't want mine on hers.Her parents were turning their home over to her after their passing.Thanks to all responding.D.B.

 

[LdiJ]

Thanks again.My father bought the house 20yrs before we were married.I had rented off him a couple yrs before our marriage.When we were married he turned the house over to me.I told her then that I would put her name on the deed,but she refused.So I added my father,since it was his property before.We had a "verbal" agreement at that time,that she didn't want her name on any of my parents property,and I didn't want mine on hers.Her parents were turning their home over to her after their passing.Thanks to all responding.D.B.

That could change the nature of things.

Did your father sell you the house for below market cost? If so, any equity at that time would be separate equity that your father gifted only to you. However, since your father remains on the deed, its also possible to argue that any equity at the time was retained by your father, and that he only sold you half of the home. It all depends on how the details work out financially.

That could mean that the marital equity is even smaller.