Property/Will Question

[Anjelita]

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

Hello,

About 10 years ago my grandmother bought a house for me. The house is still in her name (I was only 19/20 when the house was purchased and we both felt I wasn't responsible enough to have it in my name yet). It's stated in her will that the house goes to me.

Almost 2 years ago, I got married. We are still living in this house. My question is, if my grandmother dies and if we ever divorce, will he be able to get half of the house? We're already married so it's too late for a prenup. Is there some way I can get protection or a "prenup" at the time of my grandmothers death? The same goes for her life insurance policy, it's also in my name, would he be able to get half of that?

Another thing, we have been thinking about purchasing a new home. My grandmother said if we wanted to we could sell this current house and take the money from it to put towards a new house that would be in both of our names. What if we divorce then? Can I take back the amount that I contributed to the house and then split whatever else we put into it?

Please help. I'm not going through a divorce and hopefully I never will be, but I'd rather be protected.

 

[ecmst12]

Right now neither of you have a right to the house because it belongs to grandma. If grandma dies and the house passes to you, it would be your separate property, but any increase in equity between the time it is transferred to your name and the time you might divorce would be marital, so you might have to pay out his share to him as part of the property division.

If you buy a house during the marriage, it will belong to both of you. If you can prove that a majority of the purchase money was a gift to you from grandma, that might give some consideration to you during property division if you were to divorce. But any increase in equity after purchase would be marital, since marital funds will be used for the payments and upkeep. If grandma's name is on the house too, then her portion belongs to her and yours would be marital.

I believe any life insurance payment would be separate property, but you'd have to keep it in a separate account and never mix it with your current salary payments or anything else that could be marital, in order to keep it that way.

 

[LdiJ]

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

Hello,

About 10 years ago my grandmother bought a house for me. The house is still in her name (I was only 19/20 when the house was purchased and we both felt I wasn't responsible enough to have it in my name yet). It's stated in her will that the house goes to me.

Almost 2 years ago, I got married. We are still living in this house. My question is, if my grandmother dies and if we ever divorce, will he be able to get half of the house? We're already married so it's too late for a prenup. Is there some way I can get protection or a "prenup" at the time of my grandmothers death? The same goes for her life insurance policy, it's also in my name, would he be able to get half of that?

Another thing, we have been thinking about purchasing a new home. My grandmother said if we wanted to we could sell this current house and take the money from it to put towards a new house that would be in both of our names. What if we divorce then? Can I take back the amount that I contributed to the house and then split whatever else we put into it?

Please help. I'm not going through a divorce and hopefully I never will be, but I'd rather be protected.

If you sell the current house and put the money into a house in both your names, you will have comingled the funds and they could be considered to be marital property. Sometimes its possible to break out the separate portion, but not always.

If you sell the home and put the money into an account of your own, and never comingle it with martial funds, it will be considered to be a gift from your grandmother and will remain separate property.

If you inherit the home/life insurance from your grandmother, as long as you keep it separate, and only use the life insurance money to maintain the home, it will remain separate property. If you use marital funds to maintain the home then a portion of the equity in the home will become marital property (equity that accrues after the point that you inherit it).