another question
Forums:
We just bought a home together and both put money into OUR home so we can move out of the marital home. My finacee is getting a mortage for 80% w/ his brother on the loan for protection. I do not qualify.As I said , his moeny is tied up with the courts.
He is still married so what if he should die? His brother will be off the mortgage and will I be out of my house? I cant afford the mortgage. He did put me in his will with his kids but cant the wife and kids fight that?
I dont want to be homeless when I put cash in the home.
Thank you
Please go back and read the
Please go back and read the answers to your posts on 10/14/2020.
The advice there is applicable here.
i never asked this question
i never asked this question before. If you want to be snide dont rspond please, have a great day.
They weren't being snide. You
@notarelative was not being snide. You posted a blog titled "protecting myself" on 10/14 which referred to your status on the home in the event that your fiance were to die. You also posted another blog on 10/28 titled "Provisions to live in the home" asking the same question. People gave you advice on that blog that directly pertains to this topic. The advice was to consult an attorney to ensure your protection.
All of your blog posts seem to discuss money, your husband being wealthy, him potentially dying, and you expecting financial security. You are only 54. Is he significantly older than you? Are you expecting him to die soon for some reason?
Simply do not put your money
Simply do not put your money into this home.. beyond paying a reasonable rent amount. Put your money into savings in your own name only if you have a real concern that he might die and you would potentially be left homeless.
This is the 3rd time you have asked how to protect your rights to this home.. if he died.
1. Do you expect he will die soon?
2. Do you have the money to continue to make payments on the home? It seems your credit and income according to you would not allow you to maintain this home. So, why would you want it? It's not like his estate would be obligated to pay it off so you could live there for free.
There are ways for a home to be protected for use by a spouse or partner left behind... but at this point, I'm assuming you have made your concerns clear to your Fiance and he is not interested in pursuing them? If he is going through a divorce, he has access to legal counsel and they would be best suited to giving him this advice.
Honestly, you really aren't entitled to a whole, free, expensive home.. just because your SO of a few years dies.
If he really wants you to retain this home after he dies.. his lawyer can probably figure out a way to legally make that happens.. if that is what HE wants.
I think this might be a
I think this might be a questions for an attorney who specializes in estate planning. I think it might be possible that his wife would have some claim on the house as his legal next of kin. Wills can be contested but I don't know the success rate. Perhaps he could take out a life insurance policy and name you as the beneficiary since life insurance is not considered part of the estate. You mention that your BF and his brother are on the mortgage together? Who is named on the Deed? The Deed is what determines ownership. It is my understanding that, if you are not on the Deed then you have no claim to the house, no matter how much money you put into it. Again - all legal questions, better answered by a good attorney licensed in your state (since state laws may vary).
I am on the deed. I am in the
I am on the deed. I am in the will which she can fight.
It depends upon how his
It depends upon how his interest is deeded. If the deed is structured that in the event of his death.. right of survivorship.. you get his balance.. this is something that is not even to be handled in the will.. the real property is not part of will probate.
But.. just because you end up as "sole owner"..the mortgage remaining might mean you would still have to have some obligation to pay the rest?
An estate lawyer is your best bet to understand how it would work...
smh
You seem awfully fixated on
You seem awfully fixated on this man dying. Does he have a terminal illness?
Get term life insurance on the mortgage
Make sure only your and SO name on the deed. With ownership going to living partner . If mortgage is payed off can you pay the other bills?
OP, I know you don't want to
OP, I know you don't want to hear this, but you need to wait until he's divorced to start entangling your life with his. Especially if you can't afford to live on your own should something happen. Stay financially independent until the divorce is complete. If you insist on moving in with him, make sure you have the ability to support yourself if you need to leave.