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Rights to a Separately Owned Marital Home After a Long-Term Marriage

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  • 11-16-2018, 02:16 PM
    simplycleanvk
    Rights to a Separately Owned Marital Home After a Long-Term Marriage
    My question involves marriage law for the State of: Illinois
    My father is in the middle of a divorce after 30 years of marriage (he is 77) . He built and owned his home before the marriage. His spouses name was never on the deed.
    A few years ago he had a quit claim deed with a life estate made in which stated that when he passes away that the house will go to his wife and after her passing the house will go to his 4 children.
    She is requesting that she receive 60% of what the house is appraised at. During the marriage she did not contribute anything financially to the property or pay any of the household bills over their 30 year marriage
    . How does this apply since her name is not actually on the deed and she has filed for divorce
  • 11-16-2018, 02:25 PM
    PayrolGuy
    Re: Real Estate
    Dad needs a lawyer. And he needs to make sure that the lawyer knows about the quitclaim deed that is floating around out there.
  • 11-16-2018, 05:55 PM
    jk
    Re: Real Estate
    Quote:

    Quoting llworking
    View Post
    I also highly doubt that a life estate could be valued at 60% of the value of the house.

    Depends on her age.

    http://www.dhs.state.il.us/page.aspx?item=17355

    regardless, She has a life estate and is entitled to possession of the home until she dies once he dies. Op doesn’t get to just rescind the deed

    Quote:

    Quoting simplycleanvk
    View Post
    . How does this apply since her name is not actually on the deed and she has filed for divorce

    unless the deed is revocable such as an enhanced life estate deed (ladybird deed), it it is what it is. It doesn’t matter who paid for the home. It was your fathers right to gift her a life estate in the home.
  • 11-19-2018, 01:42 PM
    simplycleanvk
    Re: Real Estate
    My dad has a awesome lawyer
    Her name is not actually on the deed. The life estate states that the house will only become hers temporarily if my father is to pass away the life estate actually claims that the house belongs to his 4 children can anyone tell me how this will effect.

    So sorry for being a pain.
  • 11-19-2018, 02:07 PM
    llworking
    Re: Real Estate
    Quote:

    Quoting jk
    View Post
    So,what if they are divorcing? A deed is forever. That’s why you don’t execute deeds unless you are certain that is the action you wish to take. She now owns a life estate and the court cannot unioaterally without compensation take her asset. Its against the law

    Ok, then if the court cannot do that the court can simply leave things in place. She can take the risk that she will ever be able to use the property and for how long she can use it. The court certainly cannot force the owner of the property to give her a specific amount of money at this point. Her life estate won't start until the owner of the property dies...and will be worthless if she dies before he does.
  • 11-19-2018, 02:35 PM
    Mr. Knowitall
    Re: Real Estate
    Quote:

    Quoting simplycleanvk
    View Post
    A few years ago he had a quit claim deed with a life estate made in which stated that when he passes away that the house will go to his wife and after her passing the house will go to his 4 children.

    Depending on the language of the quit claim deed, he may have locked himself into a scenario through which his wife has a vested life estate even if they divorce before he passes away. It is necessary that his lawyer review the language and advise him as to its legal consequences. Nobody can analyze deed language that they have not seen.
    Quote:

    Quoting simplycleanvk
    She is requesting that she receive 60% of what the house is appraised at.

    She's negotiating a divorce settlement. In a negotiation, if you don't ask you won't get; and you'll never get a higher offer than your first demand.
    Quote:

    Quoting simplycleanvk
    How does this apply since her name is not actually on the deed and she has filed for divorce

    She's somehow referenced on the deed. We cannot comment on the deed's language, as we have no access to that language.
    Quote:

    Quoting simplycleanvk
    View Post
    The life estate states that the house will only become hers temporarily if my father is to pass away the life estate actually claims that the house belongs to his 4 children can anyone tell me how this will effect.

    The person to ask is your dad's awesome lawyer. It could be a rather typical provision, life estate to surviving spouse; remainder to children. Or it could be more complex. If the quit claim vested the right to a life estate in the wife, then it will be necessary for the husband to negotiate some form of buy-out as part of the property settlement in order to get her to consent to deed her interest back to him.
  • 11-19-2018, 03:08 PM
    Taxing Matters
    Re: Rights to a Separately Owned Marital Home After a Long-Term Marriage
    Quote:

    Quoting simplycleanvk
    View Post
    A few years ago he had a quit claim deed with a life estate made in which stated that when he passes away that the house will go to his wife and after her passing the house will go to his 4 children.

    My guess is that the deed is not exactly as you described it; if it was, it would be rather unusual and, moreover, not a very tax smart thing to do. If he consulted that amazing lawyer before he did this then my guess is that it is actually a bit different than you suggest here. His lawyer is the one to tell him what his wife is entitled to get in the divorce and advise him on negotiation strategy. She can ask for whatever she wants; it does not mean she will get it.
  • 11-21-2018, 09:44 PM
    simplycleanvk
    Re: Rights to a Separately Owned Marital Home After a Long-Term Marriage
    My dad has a new lawyer that so far has been amazing. I was just trying to get a idea of what options my dad might have available and also that I myself would have a better understanding of how the deed works since I am not in touch with the Lawyer myself only occasionally. I am hoping that since the Quit Claim Deed with a Retained Life Estate was only completed 3 years ago and she has been planning to leave my dad for a while that this will be to our advantage.

    I just wanted to say thank you to all of your responses and your advice I do greatly appreciate it.
    Have a very Blessed and Joyful Thanksgiving to all
  • 11-22-2018, 06:31 AM
    jk
    Re: Rights to a Separately Owned Marital Home After a Long-Term Marriage
    It’s not to your father’s advantage. A deed is forever. A grantor does not have the option of rescinding a deed.
  • 11-22-2018, 07:28 AM
    budwad
    Re: Rights to a Separately Owned Marital Home After a Long-Term Marriage
    Quote:

    Quoting simplycleanvk
    View Post
    I am hoping that since the Quit Claim Deed with a Retained Life Estate was only completed 3 years ago and she has been planning to leave my dad for a while that this will be to our advantage.

    It may well work to your father's advantage if there was a quid pro quo. You say that the wife has been planning a divorce for a while. Why did your father decide to execute the quit claim deed when he did? Could it have be an inducement for the wife to stay in the marriage?

    Quote:

    Quoting jk
    View Post
    It’s not to your father’s advantage. A deed is forever. A grantor does not have the option of rescinding a deed.

    But a court can invalidate the deed if there was an inducement, or a fraud. There must be donative intent.
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