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In Kentucky, if the owner dies and there is no will, the house(and any other remaining assets that are held by the deceased only) are divided 50/50. The wife gets 50% and the children will get 50% to be divided amongst themselves.
Example:
Man is married with 2 children from a former marriage and from the current marriage. He dies with sole ownership of a $100,000 house. House is liquidated. Wife gets 50%-$50,000 and the children share the remaining 50%- $50,000/4= $12,500 each per child. If there is anything owed against the house, that is paid off the top and the remainder divided as before.
And, how do I know this? Because H's name is the only one on the deed to our house. It was his before we married, but I have helped make payments on it for over 18 years. If he dies tonight, it will have to be sold, the mortgage paid off and then the remainder divided as outlined above. More to the tune of a $45,000 selling price instead of $100,00 but same thing.
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10-06-2010 07:42 PM
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cpbaby
make him get a will and leave to you, that's just scarey!
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I find it unusual (just from my own personal experience) not to co-own any major property together. Especially since they built it together. Laws obviously vary from state to state, but I would recommend wills and co-ownership of major property be instituted for those of who who haven't already done this. It gives a great sense of security and it's so much less a hassle when someone dies,
What Goes Around, Comes Around
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I want to add: if there is a mortgage: get insurance that pays it off when one party passes away.
It may cost $25 extra a month, but to know that the survivors do not have to worry about a mortgage payment has to be worth that.
So hard, not to facepalm some people
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This is not me, we have rights of survivership on everything we own of any value. This is a close friend of mine. They built the house together, with both putting money into it. But he owned the property and he put the house in his name. He is the hold up. He is refusing to put the house in her name also. He said he had been taken too bad by his last wife. She loves him but says she has no security. I understand where she is coming from. I am scared for her. They both have health problems. They both have several heart stints.
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Originally Posted by
buglebe
This is not me, we have rights of survivership on everything we own of any value. This is a close friend of mine. They built the house together, with both putting money into it. But he owned the property and he put the house in his name. He is the hold up. He is refusing to put the house in her name also. He said he had been taken too bad by his last wife. She loves him but says she has no security. I understand where she is coming from. I am scared for her. They both have health problems. They both have several heart stints.
Sounds like it wouldn't hurt to speak with an attorney and see what her rights are.
What Goes Around, Comes Around
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I think I'd talk to a lawyer and see if he can pay me the half I put into it if he wont put my name on it too. That way at least she'll have something if he passes away and leaves it to his kids instead of her. Thats only fair if she paid half to build it.
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Does he have a will, if so, is he leaving the house to her?
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If I was her I would first put a lien on the property then force him to sell it or buy her out to get her 1/2 of the value back in her own pocket. Then I would go buy my own damn house and not put his name on anything. He sounds like a very stingy greedy jerk.
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Originally Posted by
buglebe
This is not me, we have rights of survivership on everything we own of any value. This is a close friend of mine. They built the house together, with both putting money into it. But he owned the property and he put the house in his name. He is the hold up. He is refusing to put the house in her name also. He said he had been taken too bad by his last wife. She loves him but says she has no security. I understand where she is coming from. I am scared for her. They both have health problems. They both have several heart stints.
Someone needs to tell him if he doesn't put her name on the house his kids will end up with it and they will possibly give it to their mother. LOL, He will be taken by her again. Maybe that will scare him into action.
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Originally Posted by
janelle
I hope you are married, if not get that done yesterday. Then make a will for the both of you. Make it clear the house is yours and put all your assets in joint ownership.
You do not have to get married to have the house left to you. Nor do you need a joint will. At least in RI and MD. My 'dh' and I are not married and my name is not on the house but if he dies ownership get's transferred into my name along with all the accounts
You need to check what the laws are in your state.
I am glad that dh had no kids so that wouldn't apply to my sitch
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