Posted on: 26th Mar, 2009 02:52 pm
What do I do when my new husband is asking about equity in my house that I had prior to marriage?...I just recently remarried in Sept 08. I had a house and 80 acres that is set up in a Revocable trust for my minor children. My new husband i(who was aware of this) is asking what he is going to get in return to being married to me. He wants reimbursed his equity (rent he pays) for living in the house. Where do we stand and what do we do?
Hi akers_girls
You have mentioned that he was aware of the revocable trust. In that case, I don't think he is justified in demanding the equity. I would suggest you to contact an attorney and get his opinion regarding this issue.
Thanks.
You have mentioned that he was aware of the revocable trust. In that case, I don't think he is justified in demanding the equity. I would suggest you to contact an attorney and get his opinion regarding this issue.
Thanks.
Hi
This is unfair, man! Asking money in return for getting married to you!! This is not possible. My suggestion would be not to revoke the trust, at least for the sake of your minor children. If he pressurizes you, consult an attorney and take legal action against him, if required.
This is unfair, man! Asking money in return for getting married to you!! This is not possible. My suggestion would be not to revoke the trust, at least for the sake of your minor children. If he pressurizes you, consult an attorney and take legal action against him, if required.
wow...my other post concerning reading correctly applies here, too.
i don't think we have to worry about pressurization - that's a whole other discussion.
however, akers...i would be concerned, as you apparently are, with his line of questioning. why would he have any notion that he ought to be repaid a sum of money that he paid for rent?
it sounds like you need to be very cautious around this man, unfortunately. the overall discussion, however, is not one for this forum; but perhaps more suited to a discussion of marital and legal matters.
i wish you well.
i don't think we have to worry about pressurization - that's a whole other discussion.
however, akers...i would be concerned, as you apparently are, with his line of questioning. why would he have any notion that he ought to be repaid a sum of money that he paid for rent?
it sounds like you need to be very cautious around this man, unfortunately. the overall discussion, however, is not one for this forum; but perhaps more suited to a discussion of marital and legal matters.
i wish you well.
This sounds strange. Are you sure he is asking for Equity that you built on your own. Or rather is he asking that since you are married now that he begin to build some equity for contributing to the Mortgage?
If so then I believe he is right. If he is contributing to the Mortgage payment and you are married then he should have some return on his investment. Unless you consider your Husband a "Renter" from now on.
If you want the house/property to belong only to you then you need to consider not having him contribute to the Mortgage at all. He should be allowed to invest his money elsewhere to have some sort of return on his investments.
There are legal ways to protect your Equity in the home/property that you have built up to the point of marriage.
What does everyone else think?
If so then I believe he is right. If he is contributing to the Mortgage payment and you are married then he should have some return on his investment. Unless you consider your Husband a "Renter" from now on.
If you want the house/property to belong only to you then you need to consider not having him contribute to the Mortgage at all. He should be allowed to invest his money elsewhere to have some sort of return on his investments.
There are legal ways to protect your Equity in the home/property that you have built up to the point of marriage.
What does everyone else think?
I would think the best thing to do is just ask him why he is now asking about this. No need to jump to conclusions. Talk it out and if he is thinking of his self interest then decide on how you want to proceed.
Maybe a mistake was done in Sept 08? Tell him to pay you half of all that you have invested since you got the properties plus any equity then he can be 1/2 invested. Paid upfront.
Maybe a mistake was done in Sept 08? Tell him to pay you half of all that you have invested since you got the properties plus any equity then he can be 1/2 invested. Paid upfront.
When two people get married and they have assets prior to the marriage they work out a legal agreement.
So you own the house and have a Morgage payment right?
Normally what happens in this situation is you get an appraisal on the home to determine how much Equity you have in the home. Equity is based on what the house is worth on the market and what you owe to the bank. The difference is called Equity.
Once that is determined you can move forward. Most couples both earn an income today and share the bills. So it wouldn't be out of the question for you to share the Morgage payment with your Spouse (equally).
That said, both of you from that point forward should be earning Equity equally in the home.
Now from what you have said you want the property to go to your kids when you pass on. All that needs to be done is to have a Lawyer draft a document stating that, and how the surviving spouse is to be compensated for his/her portion of the equity given they are still alive.
Does your Spouse have childeren?
If so then he may want to have his portion of Equity transfered to his children.
This isn't Rocket Science! This sort of thing is done every day.
So you own the house and have a Morgage payment right?
Normally what happens in this situation is you get an appraisal on the home to determine how much Equity you have in the home. Equity is based on what the house is worth on the market and what you owe to the bank. The difference is called Equity.
Once that is determined you can move forward. Most couples both earn an income today and share the bills. So it wouldn't be out of the question for you to share the Morgage payment with your Spouse (equally).
That said, both of you from that point forward should be earning Equity equally in the home.
Now from what you have said you want the property to go to your kids when you pass on. All that needs to be done is to have a Lawyer draft a document stating that, and how the surviving spouse is to be compensated for his/her portion of the equity given they are still alive.
Does your Spouse have childeren?
If so then he may want to have his portion of Equity transfered to his children.
This isn't Rocket Science! This sort of thing is done every day.
it might not be rocket science, but i certainly hope it isn't all that you drew up, mortgage man.
"return on investment" - wow...doesn't the fact that he married (presumably) a wonderful woman who loves him dearly represent a reasonable return on his investment?
this "sharing" of the equity isn't something that ought to have to be delineated by a lawyer. it's a natural thing when two people own property that they share the equity as a couple, not as individuals.
this whole discussion took a turn for the worse, i think.
"return on investment" - wow...doesn't the fact that he married (presumably) a wonderful woman who loves him dearly represent a reasonable return on his investment?
this "sharing" of the equity isn't something that ought to have to be delineated by a lawyer. it's a natural thing when two people own property that they share the equity as a couple, not as individuals.
this whole discussion took a turn for the worse, i think.
Ok, George..I totally agree with you.
Good question. But if he has childern how are they together as a couple suppose to provide for an inheritance for both his and her kids when she want's the property to go to her kids at the end of their lives?
It seems to me from her statement that she wants him to have no right to the property what-so-ever (ie...the Trust) and she says her husband pays her "Rent" what kind of arrangment is that...what person charges their Spouse Rent. Seems like he is getting the short end of the deal here. He pays her Rent every month and she earns Equity in a home that is soley hers.
Good question. But if he has childern how are they together as a couple suppose to provide for an inheritance for both his and her kids when she want's the property to go to her kids at the end of their lives?
It seems to me from her statement that she wants him to have no right to the property what-so-ever (ie...the Trust) and she says her husband pays her "Rent" what kind of arrangment is that...what person charges their Spouse Rent. Seems like he is getting the short end of the deal here. He pays her Rent every month and she earns Equity in a home that is soley hers.
undoubtedly it is silly at the very least for a husband to pay rent to his wife.
but it seems like there may be some greed on each part...i don't know...frankly, this whole discussion bothers me. i don't think it's really appropriate that marital issues be brought out and hashed over in a forum that's meant for mortgage/credit related topics. that's just my take. i think i'm out of this particular discussion now.
but it seems like there may be some greed on each part...i don't know...frankly, this whole discussion bothers me. i don't think it's really appropriate that marital issues be brought out and hashed over in a forum that's meant for mortgage/credit related topics. that's just my take. i think i'm out of this particular discussion now.