If my spouse inherited real estate property from my mother, what will happen toit if we divorce?
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If my spouse inherited real estate property from my mother, what will happen toit if we divorce?
We have been married 13 years and have 3 children.The property was refinanced and my spouse is on the loan and the deed both we are both on the deed of trust.
Asked on September 26, 2011 under Family Law, North Carolina
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
If a person in this country inherits an asset be it a car, boat, or real property, that inherited asset is that person's personal property much like receiving a gift for one's birthday. The property is that person's own separate property.
However, sometimes one's personal property can have its character changed to joint or communityproperty as if it was a gift. In your circumstances, even though your spouse inherited real estate from your mother, the property is your spouse's personal property. However, if the property has been refinanced and you are on the loan, an argument now is that since the loan is being paid off with assets belonging to your marriage, you own an interest in the real property even though you might not be on the property's legal title of record.
Good question.
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