Posted on: 25th Jan, 2010 03:08 pm
My wife that is asking me to add her to my deed is ultimately going to divorce me. My question is this. I owned this home before we married, however we used approximately 30K of proceeds from the sale of her condo to remodel the interior. Should I add her to the deed to ensure she gets her money back or am I cutting my own throat in terms of my prior equity by letting her into it by adding her to the deed and more or less giving her 50% by doing this? Its a subject that causes alot of harsh feeling on her end, I don't want to rip her off, thats not my intention, but I don't want to be ripped off either, now that I know the divorce is just down the road.
Welcome blackriverrt,
You can add your wife to the property with the help of a quit claim deed and also clearly mention her share in the property. If you don't want to give her a 50% ownership, then you need to draft the deed in that manner and mention her share. Thus, when the property is sold off, she would receive only her share from the sale proceeds.
You can add your wife to the property with the help of a quit claim deed and also clearly mention her share in the property. If you don't want to give her a 50% ownership, then you need to draft the deed in that manner and mention her share. Thus, when the property is sold off, she would receive only her share from the sale proceeds.
>>I owned this home before we married, however we used approximately 30K of proceeds from the sale of her condo to remodel the interior.
How much was your property worth when you got married? That's where you start, so you can figure out your equity position. Then figure out what the house is worth today. She's entitled to her $30k, plus 50% of the equity since you got married.
How much was your property worth when you got married? That's where you start, so you can figure out your equity position. Then figure out what the house is worth today. She's entitled to her $30k, plus 50% of the equity since you got married.
