not sure ??

[tcpokie]

What is the name of your state? RI
My husband received a inheritance from his father when he passed away. my husband used the money as a downpayment on our house... my name and his name is on the deed and the title to the house.

I want to know if i divorce him, will i somehow be legally obligated to pay back the money he put down as a downpayment being it was his inheritance money, not mine.

What am i legally entited to and not entitled to?

thanks, any advice is appreciated...

[djohnson]

It's no longer inheritance. It's community property.

[tcpokie]

If i divorce him can he somehow keep me from getting my 1/2 of the house?
I know he will want back what he put into it, which was the 100,000.00 inheritance he received. My fear is that i will get nothing and he will be financially better off.

[LdiJ]

Originally Posted by tcpokie

If i divorce him can he somehow keep me from getting my 1/2 of the house?
I know he will want back what he put into it, which was the 100,000.00 inheritance he received. My fear is that i will get nothing and he will be financially better off.

It would be best for you to get a consult with an attorney. There is simply too much money involved to "go it on your own".

[nextwife]

It is possible that the inheritance would be deducted (his non-marital funds) and then the difference split between you. His dad likely intended this money for HIS child. Witthout his inheritance, there might not even have BEEN any house purchase/equyity to split.

I'm sure if it were your inheritance, would would think that it should be yours, but the rest of the equity in the house split equally.

Talk to an attorney.

[tcpokie]

The equity in the house is 100,000.00 he put down. We have been married for 8 yrs and file our taxes jointly. All i really want to know is what am i legally entitled to and not entitled to as far as the house goes?

i pay the mortgage and he pays the equity bill.

[djohnson]

There are no guarantees. We can only tell you usually or likely. You need an attorney to fight for you. You will probably get more with good legal help. In my opinion, it is no longer inheritance and held separately. He made it joint and marital property so you are entitled to a portion. The portion can also depend on many things.

[LdiJ]

Originally Posted by tcpokie

The equity in the house is 100,000.00 he put down. We have been married for 8 yrs and file our taxes jointly. All i really want to know is what am i legally entitled to and not entitled to as far as the house goes?

i pay the mortgage and he pays the equity bill.

Ok...this is getting a bit more complicated.

When did you purchase the home?
How much did you pay for the home?
When did you take out the home equity loan? How much was it for?
What did you do with the money from the home equity loan?
What is the principal balance due on the mortgage?
What is the prinicipal balance due on the home equity loan?
Have you had a recent appraisal of the home? If so, what was its value?

Personally, I don't believe that your husband can claim his inheritance as separate property any longer. However, the answers to those questions can help clarify that.

[tcpokie]

ok,, here is goes...
we brought the house in june of 2004 for 210,000.00.
He put down 100,000.00 which we financed 110,000.00
Hetook out 41k on the home equity line of credit. we have remaining in that
16k. we did not take out all the 100k. We used 41k to pay off credit cards, furniture and build his garage for himself, that cost was about 15k.
He recently took out 10k to deposit in his checking acct.
(just in case he needs money).

The mortgage is 650.70 a month and the equity bill is 214.00 .
Both are 30 yr loans.
The house was appraised for 260,000.00 recently.
He wants to sell the house next year and move to TX. I do not want to make this move. My son is still is high school and a daughter in college.

[LdiJ]

Originally Posted by tcpokie

ok,, here is goes...
we brought the house in june of 2004 for 210,000.00.
He put down 100,000.00 which we financed 110,000.00
Hetook out 41k on the home equity line of credit. we have remaining in that
16k. we did not take out all the 100k. We used 41k to pay off credit cards, furniture and build his garage for himself, that cost was about 15k.
He recently took out 10k to deposit in his checking acct.
(just in case he needs money).

The mortgage is 650.70 a month and the equity bill is 214.00 .
Both are 30 yr loans.
The house was appraised for 260,000.00 recently.
He wants to sell the house next year and move to TX. I do not want to make this move. My son is still is high school and a daughter in college.

Your equity is either 260,000 - 110,000 - 51,000 = 99,000
or 260,000 - 110,000 - 26,000 = 124,000

(I wasn't sure if you were saying that the amount owed on the equity loan was 41k + 10K or 16k + 10K.)

It may be a few thousand higher than that as I assume that you will have paid off at least a little bit of principal on the mortgage in the last year.

In any case, he has comingled the inheritance to the point where I honestly don't think that he can claim it as separate property. The home equity loan and the things for which is was used are significant. However you are really going to need to get a consult with a local attorney to be 100% certain.

[nextwife]

Was the appraisal BEFORE or after the new garage? A new garage should ADD value.

Also, keep in mind that, if those joint debts had not been paid off, you would have also faced splitting those in a divorce. So, the debts would have been deducted from assets, in essence. If you both racked up a lot of debt, and saved none of your incomes, walking away debt free is NOT walking away "with nothing", it's leaving the marriage without taking any of the debt with you..

[tcpokie]

thank you for responding to me.

i appreciate you all taking the time !

And thank you for the advice too.. much appreciated

[tcpokie]

the house was assessed AFTER the garage was done, that along with other things brought up the value of the house.

And of course I know that we are both responsible for the mortgage and the equity loan. That isnt my problem. I just wanted to know what to expect,.., now I know.