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  1. #1
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    Apr 2018
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    Default Division of Property Owned Jointly Outside of Marriage

    My question involves a marriage in the state of: Maryland

    I own property jointly with my mother. If my wife and I divorce can she lay claim to said property or any portion of the properties value?

  2. #2
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    Oct 2006
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    15,112

    Default Re: Property Owned Jointly Outside of Marriage

    Quote Quoting Ogre
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    My question involves a marriage in the state of: Maryland

    I own property jointly with my mother. If my wife and I divorce can she lay claim to said property or any portion of the properties value?
    How did you come to owner the property with your mother, and was that before or after marriage? Does any of your current income maintain the property?

  3. #3
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    Apr 2018
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    Default Re: Property Owned Jointly Outside of Marriage

    Quote Quoting llworking
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    How did you come to owner the property with your mother, and was that before or after marriage? Does any of your current income maintain the property?
    I Purchased a car last year and my mother offered to co-sign in the event my wife and I couldn't work out our problems - (I still owe the majority of the financed amount). I'm also asking as I'm interested in offering to buy my wife out interest in the home we live in but I would need to refinance and I don't want her deciding a month before the divorce is possible that she wants half the current equity of the house. I was thinking that if I had a co-signer she may not be able to lay claim to any future equity when we can actually file for divorce (12 month seperation period and all).

  4. #4
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    Oct 2006
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    Default Re: Property Owned Jointly Outside of Marriage

    Quote Quoting Ogre
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    I Purchased a car last year and my mother offered to co-sign in the event my wife and I couldn't work out our problems - (I still owe the majority of the financed amount). I'm also asking as I'm interested in offering to buy my wife out interest in the home we live in but I would need to refinance and I don't want her deciding a month before the divorce is possible that she wants half the current equity of the house. I was thinking that if I had a co-signer she may not be able to lay claim to any future equity when we can actually file for divorce (12 month seperation period and all).
    The car isn't going to be a problem because its unlikely that there would be enough equity to matter, and each party normally keeps the car (and the car payment) that they are driving.

    As far as the house is concerned if you buy your wife out, she SHOULD receive 1/2 of the current equity. If you cannot refinance for enough to cover the current mortgage plus 1/2 of the equity, then the house should be sold and the proceeds split.

  5. #5
    Join Date
    Jun 2010
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    624

    Default Re: Property Owned Jointly Outside of Marriage

    What do the car and house have to do with one another? (I'm wondering if you typed car, but meant house...)

  6. #6
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    Oct 2006
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    Default Re: Property Owned Jointly Outside of Marriage

    Quote Quoting jumanji
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    What do the car and house have to do with one another? (I'm wondering if you typed car, but meant house...)
    His mom cosigned for the car and is apparently on title. He is looking at his mom cosigning for him in the refinance of the house as well.

  7. #7
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    Jul 2018
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    Default Re: Division of Property Owned Jointly Outside of Marriage

    Quote Quoting Ogre
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    I own property jointly with my mother. If my wife and I divorce can she lay claim to said property or any portion of the properties value?
    Please define "lay claim."

    Regardless of your answer, it will matter greatly when you acquired the property relative to the date of marriage and whether, during the time of the marriage, you have used marital funds to pay the loan/mortgage on the property, maintain the property, pay property taxes, etc.

  8. #8
    Join Date
    Apr 2018
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    7

    Default Re: Division of Property Owned Jointly Outside of Marriage

    The scenario is this:

    House value of 300k
    Mortgage of 200k
    Selling the house at 300k would return about 70k after payoff and closing costs
    The split would be 35k

    Instead of all that, I refinance with a co-signer, pull 35k in equity to buy my wife out and I keep the house. Because my wife is no longer on the deed and another individual is, would it still be considered a marital asset? You must not cohabitate for 12 months in MD before you can obtain a divorce and I don't want her to be able to change her mind after 8 months and force me to sell the house and again get 50% of any equity a second time.

    I'll definitely consult a lawyer before doing anything but figured I'd check here first to see if anyone knew if its even feasible.

  9. #9
    Join Date
    Jan 2006
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    38,163

    Default Re: Division of Property Owned Jointly Outside of Marriage

    You can’t remkve your wife from the deed. Only she can do that.

  10. #10
    Join Date
    Jul 2018
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    Default Re: Division of Property Owned Jointly Outside of Marriage

    It's feasible, but doing it without the advice and assistance of an attorney would be incredibly foolish.

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