Who has what ownership rights to house..??

[davenay67]

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

Divorced in 2008. The house was not sold as part of the divorce, but was kept and stated as 50% joint ownership between myself and the ex-wife in the divorce decree. She was to stay in the house and I was to pay 50% of mortgage/property tax plus child support (we have 2 children from our marriage). In 2010 she lost her job and was not able to afford to stay in the house, so I moved in and assumed 100% payment of mortgage/property tax. Neither of us have any kind of will or living trust at present.

I since remarried and have another child with my new wife, and all 3 of us live in the property. My ex-wife is now wanting me to sign some form of legal document (will, trust, whatever you want to call it) stating that if I die then my 50% of the house is passed to my 2 children with her (ex-wife). This doesn't sound right to me. What rights to the house does my new wife and child have, if any..??

In my mind this whole situation can only get worse, and I am prepared to make the stand to sell the house and split the proceeds (next to nothing given the current housing situation, but at least not negative equity) from the sale and be completely separated from her barring child support.

Any help, suggestions or advice is welcomed.

 

[FlyingRon]

You should run this by a lawyer. Is there any equity in the house?
How is the house titled now?
Are you in a position to refinance her off the loan if it comes to that?
We need more information before we can venture a guess.

 

[Ohiogal]

No we don't. No matter what OP signs or puts in his will, his wife can take against the will her intestate portion -- including claim on the property. The only way his ex gets what she wants is the WIFE renounces any and all share in the home at the time of OP's death OR if they can do a transfer on death deed to the children. However, even that may not prevent his current wife from being able to take her intestate share (a life estate).

 

[FlyingRon]

No, we need more information about what he and the ex want to accomplish. If they want to achieve an equitable division in a way that will be advantageous to both parties, I need the answers to the question. If you want to just say, screw the ex, I ain't signing anything, follow Ohiogal's advice.

 

[davenay67]

You should run this by a lawyer. Is there any equity in the house?

Yes, I believe so. But in this down-market it's very hard to know for sure. By the time the realtors take their cut, there would be little to none in terms of equity. I doubt there would be money owed though.

How is the house titled now?

50% each between myself and ex-wife

Are you in a position to refinance her off the loan if it comes to that?

Sadly, no.

We need more information before we can venture a guess.

 

[Ohiogal]

No, we need more information about what he and the ex want to accomplish. If they want to achieve an equitable division in a way that will be advantageous to both parties, I need the answers to the question. If you want to just say, screw the ex, I ain't signing anything, follow Ohiogal's advice.

They are already divorced though and the court gave them each equal ownership -- why I don't know. And now exwife, new wife, OP and all the kids are living together in some sort of wierd twist on the brady bunch. Is ex wife going to sign over her portion to just the kids if she dies even if she is remarried? Truthfully they should just put the house up for sale, sell it, and go their own ways.

 

[davenay67]

No, we need more information about what he and the ex want to accomplish. If they want to achieve an equitable division in a way that will be advantageous to both parties, I need the answers to the question. If you want to just say, screw the ex, I ain't signing anything, follow Ohiogal's advice.

To start with, I don't intend on dying.

Secondly, should I die, I certainly do not intend on leaving my new wife and child with zero. The thought of effectively giving my ex-wife 100% on the house (velied as 50% going to my 2 sons with her) is not resonable and something I do not intend ot sign. I am nothing if not reasonable. I believe 50% to each wife in the event of my death is OK. If there is other money availabe, then THAT is what should be divided between ALL of my sons in a will / trust. Seem reasonable..??

 

[davenay67]

They are already divorced though and the court gave them each equal ownership -- why I don't know. And now exwife, new wife, OP and all the kids are living together in some sort of wierd twist on the brady bunch. Is ex wife going to sign over her portion to just the kids if she dies even if she is remarried? Truthfully they should just put the house up for sale, sell it, and go their own ways.

I'm sorry, i did not make myself clear in the original post. The ex-wife and my 2 sons with her live in a rental property..!! Good grief, that would be insane if we all lived under one roof.

The title on the mortgage states 50% joint ownership. The divorce decree simply stated to carry on with 50% ownership. I agree, a sale is probably the best route.

 

[LdiJ]

To start with, I don't intend on dying.

Secondly, should I die, I certainly do not intend on leaving my new wife and child with zero. The thought of effectively giving my ex-wife 100% on the house (velied as 50% going to my 2 sons with her) is not resonable and something I do not intend ot sign. I am nothing if not reasonable. I believe 50% to each wife in the event of my death is OK. If there is other money availabe, then THAT is what should be divided between ALL of my sons in a will / trust. Seem reasonable..??

How is the house currently titled? If its Joint tenancy with rights of survivorship your ex wife would get the entire house anyway, or vice versa if she were to pass away first. That is the most common way that houses are titled when purchased by a married couple. Again, selling the house and fully separating your financial lives is the way to go.

 

[ecmst12]

In some states, the title is automatically switched from joint tenants to tenants in common upon divorcing. Whether this is one of those states or not, hopefully that was taken care of as part of the divorce.