Who Owns The Condo?

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My wife and I currently live in a condo owned by my mother. We pay her nominal rent. We live in New York. My mother has indicated that she is leaving the condo to me as an individual in her will. In the future, when the condo becomes mine as a bequest, will my wife have any claim of part ownership in case we divorce? Thank you.

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Divorce? Case by case, however the man usually gets screwed.

Talk to a lawyer, see if you can protect it somehow. Maybe you could put it into another relative's name you trust, although you'd control the equity?

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Do you live in a "community property" state? In community property states all assets acquired during a marriage belong to both husband and wife.

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Who Owns The Condo
Yes, New York is a community property state. So, it does not matter if the property was acquired as a bequest in a will? Doesn't this defeat the purpose of a bequest as the wishes of a now-deceased individual?

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dogwalkman- Welcome to A2K!

Quote:

Separate or Nonmarital Property
The laws of dividing property vary from state to state. As a starting point, however, most states allow parties to keep their own separate or nonmarital property. Nonmarital property includes property that a spouse brought into the marriage and kept separate during the marriage. It also includes inheritances received during the marriage and kept separate during the marriage. In addition, nonmarital or separate property may include gifts received by just one spouse during the marriage. A few states permit division of separate as well as marital property when parties divorce, but the origin of the property is considered when deciding who receives the property.

http://family.findlaw.com/divorce/divorce-property/divorce-separate-property.html

This is a general answer. I think that you really need to contact an attorney. Better yet, while your mother is working out her estate arrangements with her lawyer, she could ask him.

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Inheritence might be different though.

If you can prove that you have paid all rents/mortgages/taxes for
the condo yourself, as your separate property, you probably can claim
sole ownership.

Then again, if the condo appreciates in value, the equity thereof might
be part of the common assets later on.

Your mother should have a living trust where all the properties and
assets are included and where you would be the sole beneficiary of
the trust. With a living trust you can exclude former and future
spouses of the beneficiary. I don't know how the state of NY operates
though, every state is different.

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While I typed my post, Phoenix came inbetween with the right answer.

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Who Owns The Condo?
Thank you all very much. If anyone from New York who may have had this situation occur or who is a lawyer would like to chime in, please do.

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Quote:

Property Distribution: Since New York is an "equitable distribution" state, the marital property shall be divided in an equitable fashion. Equitable does not mean equal, but rather what is fair. The court will encourage the parties to reach a settlement on property and debt issues otherwise the court will declare the property award.

Disposition of property in certain matrimonial actions.

a. Except where the parties have provided in an agreement for the disposition of their property pursuant to subdivision three of this part, the court, in an action wherein all or part of the relief granted is divorce, or the dissolution, annulment or declaration of the nullity of a marriage, and in proceedings to obtain a distribution of marital property following a foreign judgment of divorce, shall determine the respective rights of the parties in their separate or marital property, and shall provide for the disposition thereof in the final judgment.

b. Separate property shall remain such.

c. Marital property shall be distributed equitably between the parties, considering the circumstances of the case and of the respective parties.

http://www.divorcesource.com/info/divorcelaws/newyork.shtml

Getting warmer! :wink:

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Why don't you have mom set up a livng will / trust?

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Noddy24 wrote:

Do you live in a "community property" state? In community property states all assets acquired during a marriage belong to both husband and wife.

Not bequests, Noddy.

Gifts and inheritances are considered separate property, even if acquired during the marriage.

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CalamityJane wrote:

Then again, if the condo appreciates in value, the equity thereof might be part of the common assets later on.

No, generally speaking, equity built up in separate property remains separate property.

The recommendations to seek the advice of a NY attorney are sound.

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Who Owns The Condo?

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