marital property

[CowGirl55]

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

I got married Sept 2008 my husband and I bought a car together in his name only in Feb 2008. Also, my husband is buying a house prior to the date of marriage. Now I have been helping pay for the mortgage, car and all the bills. If we were to divorce, what of that things is considered marital property? I sold my house in Feb 2008 and put the entire amont in an account he had, now it's jointly owned. The bank account was in his name only, we made it a joint account prior to marriage also. He had a subsantial amount in there. How much of the bank account is considered his and mine?

 

[LdiJ]

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

I got married Sept 2008 my husband and I bought a car together in his name only in Feb 2008. Also, my husband is buying a house prior to the date of marriage. Now I have been helping pay for the mortgage, car and all the bills. If we were to divorce, what of that things is considered marital property? I sold my house in Feb 2008 and put the entire amont in an account he had, now it's jointly owned. The bank account was in his name only, we made it a joint account prior to marriage also. He had a subsantial amount in there. How much of the bank account is considered his and mine?

Oh ARG....the money from the sales of your house would have been separate property if you had kept it in a separate account...as would his money have been his separate property. I suggest that you each get your money out of the joint account and into separate accounts of your own.

Since the time frame has been so short, you and he may still be able to trace the funds as to what part of it is your own separate property.

The car and the house are his at this point. You haven't been married long enough for any real marital equity to have accrued in either the house or the car.

 

[CowGirl55]

question about a will

I understand about the money in the bank. The car that we (he) bought was right after I sold my house. He put it in his name for two reasons, I was not yet divorce from my previous spouse and his credit was better. I drive the car, he has another car.
Now talking to him about updating his will. He has one adult daughter and I have two adult children. He has everything currently in his will left to his daughter. What would you think a fair way to write the will would be. He wants to leave the house to me, but once I sell it, half goes to his daughter. I don't think that's fair. I would rather he leave her a chunk of money. He is leaving her half his life insurance and some ira's etc... She does have her own house. My daughter who's away at college does live with us.
He is suggesting we buy a house together with both our names on it. I don't really see the difference as the long as the will is updated. With him currently not updating the will since we got married five months ago, will everything still go to his daughter?

 

[Ohiogal]

You can take your intestate share against the will. Provided of course he dies before you.

 

[CowGirl55]

will

My husband has since added my name on the house. He still hasn't updated his will and doesn't seem to be in a hurry to do so. We re-financed the house and we are adding an addition onto our house. I have decided if I can't get him to update his will that I would do a will to protect my two adult children. I would will everything in my name to be divided between them. Would do I legally have to will my husband since I know I can't exclude him?

 

[penelope10]

What your husband initially proposed was extremely fair given the fact that this is a brand new marriage and from the sounds of it he had more financial assets going into the marriage than you did. Since this time he has had your name put on the deed of the house. So you won't be booted out into the streets once he passes away. However upon your death, 1/2 should go to his heirs and 1/2 should go to your heirs. You are now a co owner of the property.

Plus it sounds as if he is planning on leaving you with some life insurance and possibly funds as well at some point. He's probably not in a big hurry because this is a new marriage.

Now that your name has been put on the deed, I would agree that the waters have been muddied and your husband needs to see an attorney to straighten all of this out. Doesn't matter if his daughter is an adult and owns her own home, and that you have a child that is not completely independent. You ex husband should make plans to take of his child as his heir as well. You current husband owes your children NOTHING as he is not their parent. You should not have co mingled funds without having first reached a meeting of the minds.

 

[Ohiogal]

]What your husband initially proposed was extremely fair given the fact that this is a brand new marriage and from the sounds of it he had more financial assets going into the marriage than you did. Since this time he has had your name put on the deed of the house. So you won't be booted out into the streets once he passes away. However upon your death, 1/2 should go to his heirs and 1/2 should go to your heirs. You are now a co owner of the property.

Wrong. Here is the thing -- how is the deed of the house worded? EXACTLY! IF JWROS then the house is ENTIRELY hers upon his death if she is still alive. HIS HEIRS get nothing unless she wants it so.

 

[CowGirl55]

First off, my children's father is deceased. I want to make sure they are taken care of. Without a will and our money being together. I would like to make sure they don't get left out since I did put my money from the sale of a house into a joint account. Yes, I didn't think things would go that way otherwise I wouldn't have added my money in with his.
Wouldn't it be more fair if my husband left his daughter a set amount of money rather than the house? He only has 6 years into the mortgage. It would make things easier rather than 1/2 of the house, then I'd have to buy her out etc.

 

[LdiJ]

First off, my children's father is deceased. I want to make sure they are taken care of. Without a will and our money being together. I would like to make sure they don't get left out since I did put my money from the sale of a house into a joint account. Yes, I didn't think things would go that way otherwise I wouldn't have added my money in with his.
Wouldn't it be more fair if my husband left his daughter a set amount of money rather than the house? He only has 6 years into the mortgage. It would make things easier rather than 1/2 of the house, then I'd have to buy her out etc.

Why don't you simply take your money out of the joint account and put it into an account in your name only?

 

[penelope10]

Wrong. Here is the thing -- how is the deed of the house worded? EXACTLY! IF JWROS then the house is ENTIRELY hers upon his death if she is still alive. HIS HEIRS get nothing unless she wants it so.

True and I did not think of that---that's for correcting me.

 

[penelope10]

I agree with LD, if you are concerned about your children, then take the joint money out of the account.

Expectations should have been discussed prior to marriage. Are the two of you planning on having children together in the future? If not, it is understandable that you would both want to protect the interests of your heirs at this point and time in the marriage.

As time goes along , your spouse may be more willing to rewrite his will. You should certainly have a will as well that protects the interests of your heirs.

 

[CowGirl55]

That's not as easy to do. We have used money from that account. Who's to say how much is all mine or all his? Also, remember I told you we are adding an addition to our home and we are using some money from the account for that.

 

[CowGirl55]

We will not be having an children together. That was my initial question. I don't want to exclude my husband from my will either. So, how do I do it to protect everyone's interest?

 

[Ohiogal]

We will not be having an children together. That was my initial question. I don't want to exclude my husband from my will either. So, how do I do it to protect everyone's interest?

WOULD YOU ANSWER MY QUESTION?????????????????????????
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[CowGirl55]

I haven't seen the title to answer your many duplicate questions. Only you weren't the one I was asking mine to... I will look when we get the new title, it's in process. Just so you know, I understand what you said and have no further questions regarding the title...