In Illinois Parents have life estate in Son & wife names. Now wife wants divorce. Can Son have her name removed or can Son add there kids names to the life estate? Please help! Thank you
Annie
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In Illinois Parents have life estate in Son & wife names. Now wife wants divorce. Can Son have her name removed or can Son add there kids names to the life estate? Please help! Thank you
Annie
First its not a good idea to piggyback your question on another thread. To avoid confusion I've moved your question to its own thread.
Let me get this straight. The parents transferred ownership to their home to their son and daughter-in-law keeping a life estate!
Now son is getting divorced. Son and D-I-L own the property jointly. Disposition of the property will have to handled as part of the divorce. Basically the son will keep the property but give up something else to the ex as part of the divorce settlement. The ex will then quit claim her interest in the property to the son. Or to the son and their children.
Or the wife could get the remainder interest, and would get possession when her ex-in-laws (the life tenants) expire.
Whoever owns the remainder interest (now the husband and wife, perhaps one or the other in the future) can always transfer that interest to someone else, such as their children..Quote:
... or can Son add there kids names to the life estate?
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