S
sandbar6
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My parent's in law purchased a home in 1972.
This was my mother-in-laws second marriage.
They purchased the home for $39,900.00 and he put a down-payment of #15,900.00 and they assumed a joint mortgage of $24,000.00 which was split 50/50. They are tenants in entirety. Was this down-payment a gift to her since she was also listed on the deed?
They were married for 25yrs.and she passed away in Jan of 2000, leaving her entire estate to her two sons. She left him the furniture which was his and joint to be divided amongst the three of them. Their marriage was a very shaky one at best thus I would guess why she left everything to her sons. He has sued for an elective share in the State of Delaware for 1/3rd of the elective estate. Her gross estate included 1/2 ownership in the home now valued @ $200,000.00. His half-share of the joint property was added back in to come up with the total of her estate which was her gross minus deductions = net plus his 1/2 share ownnership added back in to produce the total. One-third of this figure is then said to be his elective share. But now he is saying since he put down the downpayment he owns 70% and she only owns 30%, therefore reducing her share to $60,000,00 which is applied as a credit towards the one-third owed. How can this be and is the accurate calculation for determining ownership when they originally included $100,000,00, half of the value of the property in her gross. Thanks for any help! Sandra
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Sandra
This was my mother-in-laws second marriage.
They purchased the home for $39,900.00 and he put a down-payment of #15,900.00 and they assumed a joint mortgage of $24,000.00 which was split 50/50. They are tenants in entirety. Was this down-payment a gift to her since she was also listed on the deed?
They were married for 25yrs.and she passed away in Jan of 2000, leaving her entire estate to her two sons. She left him the furniture which was his and joint to be divided amongst the three of them. Their marriage was a very shaky one at best thus I would guess why she left everything to her sons. He has sued for an elective share in the State of Delaware for 1/3rd of the elective estate. Her gross estate included 1/2 ownership in the home now valued @ $200,000.00. His half-share of the joint property was added back in to come up with the total of her estate which was her gross minus deductions = net plus his 1/2 share ownnership added back in to produce the total. One-third of this figure is then said to be his elective share. But now he is saying since he put down the downpayment he owns 70% and she only owns 30%, therefore reducing her share to $60,000,00 which is applied as a credit towards the one-third owed. How can this be and is the accurate calculation for determining ownership when they originally included $100,000,00, half of the value of the property in her gross. Thanks for any help! Sandra
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Sandra