Division of assets during divorce - House

[LdiJ]

Ahem...

How did that contradict what I wrote? First refinance was 12 years ago, second was before the wife left. Did you read 1.5 years to be 15 years?

 

[Zigner]

How did that contradict what I wrote? First refinance was 12 years ago, second was before the wife left. Did you read 1.5 years to be 15 years?

The OP is here to find out how to protect (shield) the asset from the divorce that he believes is coming. It's even in the title. That's all I said, and I even pointed out that that was all that I was saying.

 

[Ohiogal]

The OP is here to find out how to protect (shield) the asset from the divorce that he believes is coming. It's even in the title. That's all I said, and I even pointed out that that was all that I was saying.

You and Ld both have points. I get from whence you are coming. And I will say it is very possible she can come after the house after the divorce depending on the timeline and what goes down.

 

[alezajex]

What appears to be going on here is that the home is the residence of all of the parties, (parents, op and op's brother) and that there was a need to refinance a couple of times over the years. However, instead of all of the parties being part of the refinance and therefore remaining on the deed, it appears that each time they refinanced they did so taking everyone off the deed except for whomever had the stronger credit for the refiance.

Perhaps the mortgage lenders required that? Perhaps not, but it was a bit of a strange thing to do, particularly since it was the parent's house to start with and they still live there.

thanks, you seem to get it more than anyone else.

we have history of refinance to whomever had good credit. I believe parents own the home.

What's really going on is that the OP tried/is trying to shield this asset from possible divorce proceedings.
I'm not commenting on anything except to point it out.

Nah and don’t comment anymore

In another thread you state that your brother is going to "gift" you a share of the home.

https://forum.freeadvice.com/threads/add-someone-share-to-property.662829/

I started this post Incase if I should be on property?

not sure what’s so hard for ppl to understand we refinance house after I lost job b/c of Covid and not “I assume” or “shield” etc

why does deed says “gift” couldn’t it have used different lanuage

A deed transfers rights in property to someone else. So if you gave your brother a deed transferring all your interest in the home to him, then at least as far as the deed record is concerned, it appear that your brother owns the house and you have no interest in it. That could a real problem if you didn't intend to do that and your brother won't agree to fix it to give a deed back to you.

If he agrees to reword or give certain x% of shares, possible? I posted separate thread in this

 

[Zigner]

Nah and don’t comment anymore

Things are not going well with my wife & she is threatening to file divorce & take ownership in house. She has moved out my house without violence & fights etc. her intention are bad. It’s been 1.5 yrs since out of house

The concern was shared in your first post in this thread. Are you trying to say that you don't care if she may have a claim to a part of the house? You are trying to shield (protect) the asset, which, quite frankly, is a logical thing to do. Don't be a horse's rear end to the folks trying to help you.

 

[LdiJ]

thanks, you seem to get it more than anyone else.

we have history of refinance to whomever had good credit. I believe parents own the home.

It is honorable that you believe that your parents own the home, but legally they do not. At this point, your brother does and no one else. Therefore, if something were to happen to or with your brother, the possibility exists that your parents could lose their home. They never should have been removed from the deed in any of the refinances.

Since you are facing a divorce, it would be foolish for you to be added to the deed, but certainly it would be ethical to add your parents back to the deed.

 

[stealth2]

It is honorable that you believe that your parents own the home, but legally they do not. At this point, your brother does and no one else. Therefore, if something were to happen to or with your brother, the possibility exists that your parents could lose their home. They never should have been removed from the deed in any of the refinances.

I might have misunderstood or missed something, but OP never actually mentions who is on the deed - only that his brother is on the mortgage. I'm not sure it's clear at this point who is on the deed and actually owns the home...

 

[quincy]

I might have misunderstood or missed something, but OP never actually mentions who is on the deed - only that his brother is on the mortgage. I'm not sure it's clear at this point who is on the deed and actually owns the home...

He mentions that his brother is on the deed, after his own name was removed. See his other, now-locked thread for more information.

Apparently the brother is now sole owner of the house.

But the posts are certainly not as clear as they could be.

 

[stealth2]

He mentions that his brother is on the deed, after his own name was removed. See his other, now-locked thread for more information.

Apparently the brother is now sole owner of the house.

But the posts are certainly not as clear as they could be.

Not sure - he says nothing about who's on the deed:

Now my older brother has ownership. Because he is on mortgage & pays all bills.

I'll have a look at the other thread....

 

[stealth2]

He mentions that his brother is on the deed, after his own name was removed. See his other, now-locked thread for more information.

Apparently the brother is now sole owner of the house.

But the posts are certainly not as clear as they could be.

Okay, I see that on his other thread:

I owned house along with my brother. After we refinanced my name was removed from deed/mortgage.

@alezajex - this is why we don't like multiple threads on the same/similar topic. It's a nuisance to have to search out the actual information when it's spread between threads.

 

[zddoodah]

I believe parents own the home.

This contradicts what you wrote in your original post: "Now my older brother has ownership." It also contradicts what you wrote in your post #6 in this thread: "My parents owned [past tense] the house. . . . My parents were removed from the mortgage/deed." How could you possibly "believe [that your] parents own the home"?

not sure what’s so hard for ppl to understand we refinance house after I lost job b/c of Covid and not “I assume” or “shield” etc

As I explained in my first two responses in this thread, you cannot refinance what you don't own. We don't know the facts other than by virtue of your explanation, and your explanations have have been anything but crystal clear. However, I believe this is the sequence of events:

• Prior to 2010, your parents owned a home.
• In 2010, your parents gifted title to you and Older Brother #1 ("OB1") and, either concurrently with the gift or shortly thereafter, you and OB1 refinanced the mortgage.
• In 2012, you got married.
• Also in 2012, you and either OB1 or another older brother ("OB2") refinanced the mortgage. Presumably, OB2 was added to the title at this point, but It's not clear whether, at any point, OB1 gifted his interest in the property.
• In 2020, you gifted your interest in the home to one or both of OB1 and OB2 (it's not clear which one), and he again refinanced the mortgage.
• In 2021, your wife moved out.
• Now, in late 2022, your wife "is threatening to file divorce [and] take ownership in the house."

All of the foregoing come from your original post and your post #6. In your original post, you wrote that, "we refinanced in 2010 along with older brother," and that, 'in 2012 . . . we refinanced home again with my other older brother." You then wrote, "Now my older brother has ownership," but it's not clear which of the two older brothers currently owns the home.

All of the speculation about your motivations is pointless, and the unequivocal statements are unjustified, but it's at least reasonable to wonder about your motivations.

Regardless, since you apparently gifted your interest in the home prior to the troubles with your marriage, as I explained previously, your wife's threat is toothless. Even if that weren't the case, there isn't anything you can do about it now. If your wife files for divorce, hire an attorney, have the attorney review all of the relevant documents, and ask the attorney for advice. If you're smart, you'll get a jump on all this and at least consult with an attorney BEFORE your wife does anything.

 

[not2cleverRed]

Nah and don’t comment anymore

That is something you cannot dictate.

You've been married about 10 years, so that makes it highly likely that some marital assets went into the house. Because of the shifting ownership and refinancing, it could look like someone was up to something. Not judging, just pointing out something that you need to be aware of.

How has your wife contributed to the house? Has the equity in the house increased during your marriage? So far, I'm only seeing her having a claim on a portion of the equity accrued during the marriage. True, if you aren't on the deed you don't own it, but... Because at one point your name was on things, and then was removed, she might try to make the argument that you agreeing to that was wasteful dissipation of a marital asset.

 

[Zigner]

That is something you cannot dictate.

You've been married about 10 years, so that makes it highly likely that some marital assets went into the house. Because of the shifting ownership and refinancing, it could look like someone was up to something. Not judging, just pointing out something that you need to be aware of.

How has your wife contributed to the house? Has the equity in the house increased during your marriage? So far, I'm only seeing her having a claim on a portion of the equity accrued during the marriage. True, if you aren't on the deed you don't own it, but... Because at one point your name was on things, and then was removed, she might try to make the argument that you agreeing to that was wasteful dissipation of a marital asset.

It's possible that the wife had to sign off on any change in ownership, especially if it took place as part of a refinance. If that's what happened, then it puts the OP in a much better position in that regard.

 

[Bali Hai Again]

What is the name of your state? Virginia

my parents owned a house in 2000. They retired & we refinanced in 2010 along with older brother. We all lived in same house. I got married in 2012 & my older brother moved out & we refinanced home again with my other older brother. In 2020, we refinanced home again since I lost job. Now my older brother has ownership. Because he is on mortgage & pays all bills.

Things are not going well with my wife & she is threatening to file divorce & take ownership in house. She has moved out my house without violence & fights etc. her intention are bad. It’s been 1.5 yrs since out of house

please advice

Hell hath no fury like a woman with a vicious divorce lawyer. I hope you get the meaning.