How Is Property Divided With No Will?
How will property be divided if there is no will? How the property will be divided depends on how the title to the property is held.
Ownership Of Property Questioned During Divorce
Even if you are married, you can own title in your own name. You can also own title in the name of a corporation, partnership, limited liability company or even in a trust. As a general rule, property that is purchased during a marriage might give the spouse rights in that property. Whether the property was purchased in escrow probably doesn't matter. The escrow agent is only obligated to follow the instructions in the agreement to close the transaction and does not have a duty to advise the buyer or the seller as to the merits or pitfalls of the transaction.
Keep Finances Separate From Boyfriend’s
A woman wants to buy a home with her boyfriend, who is married and not legal separated. It's important to protect your own finances and assets when in a relationship, especially a tricky one like this.
Understanding Inheritance Of Property
A woman inherited a home along with her brother. After her brother passed away, is the woman now the sole owner of the inherited home? How the title of the home is outlined will determine who now owns the brother's share of the inherited home.
Inherited Property Transferred Out Of Living Trust
When you inherit property, it is inherited at its current market value. An estate will usually pay any federal estate or state taxes owed on inherited property. It may also be beneficial to leave it in the trust.
In Marriage, It’s Critical To Understand Assets Ownership
When you're married it's important to understand who owns what and how property is divided up. Understanding the way assets are owned is even more important if you've got a prenuptial agreement. If you later get a divorce your prenuptial agreement will determine how the court divides assets.