wife's rights

[robso]

What is the name of your state? NY

My brother & I own a home in NY, he is getting married within the next year. Will his new wife have rights to the house once they are married? For example if we were to sell the house after their marriage is she entitled to any of the profits even though she was not involved in the purchase. If she is entitled what % ? Since we both officially own the home could it be 50% me & 50% him of which she gets half of his. Thank you...

[George1620]

Originally Posted by robso

What is the name of your state? NY

My brother & I own a home in NY, he is getting married within the next year. Will his new wife have rights to the house once they are married? For example if we were to sell the house after their marriage is she entitled to any of the profits even though she was not involved in the purchase. If she is entitled what % ? Since we both officially own the home could it be 50% me & 50% him of which she gets half of his. Thank you...

Have him get a prenuptial agreement.

[dallas702]

Under most state laws, and I believe NY is no different, the house will not be considered a marital asset since it isn't being purchased during the marriage. Your 50% interest can never be "married away".

But...that prenup isn't a bad idea.

BTW: your deed should show the type of ownership you and your brother have in the proprty. If you have joint tenancy, and he were to die, you should automatically get his half. But there are other arrangements, and some of them are better for estate and tax purposes. Put that question up on the Real Estate or Wills & Trusts part of the forum. If he marries you need to clarify all of this before it happens...not after.