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precious0980 · Feb 18, 2009, 02:07 PM

My husband and I married for 4 now. His been divorced for 8 years and in their Property Settlement Agreement they joint ownership the house and land. What is the best thing that he need to do to protect me if something happened to him? We live in Arkansas. I am looking forward for your good advise. Many thank's!

ScottGem · Feb 18, 2009, 02:10 PM

Are you saying he and his ex jointly own the house you and he now live in?

precious0980 · Feb 18, 2009, 02:15 PM

Yes, me and my husband live in the house that is a joint ownership of his ex -wife. During their divorce my husband is the one who make payment to the mortgage company.

ScottGem · Feb 18, 2009, 02:17 PM

Have your husband buy out his ex and then add you to the deed.

precious0980 · Feb 18, 2009, 02:22 PM

No one can deal to his ex because I'm pretty sure she will create a problem or maybe demand more if ever we will offer to buy her part. And we are doubtful if she will agree to pay her part. My husband make a Will for my proctection but we are not sure if that would be a big help when it come to their property. Since it is a Joint ownership.

this8384 · Feb 18, 2009, 02:40 PM

If his ex-wife is demanding more than half the property's value, then you could do the same to her if she offered to buy it from you.

I would contact an attorney about this to make sure it's done correctly, but I would think that if your husband were to leave you all of his property in the event of his death, that would include the house & land.

Fr_Chuck · Feb 18, 2009, 02:40 PM

Then he needs to sell out his share to her and you two move to your own house.

If you and he are paying payments ( or is EX also paying 1/2 of payments.)

You have no real future in that house with him and her owning 1/2. I can not dream why any divorce attorney would ever allow this.

precious0980 · Feb 18, 2009, 02:49 PM

If my husband had a Will that all his share to the house and land will to go me, Is that application to the Joint Ownership in Arkansas Law? I was thinking that if we can be stable financially it would better off to let his (EX) buy his part and move to another place or house.

Fr_Chuck · Feb 18, 2009, 03:06 PM

Yes, but then you and her will own 1/2 and she could just say , I am moving in. or she could decide to rent a room of "her" house out. Go in and start make changes or more

ScottGem · Feb 18, 2009, 06:07 PM

Either he buys her our or she buys him out. Or they sell the proiperty together to some third party. But having her still own a portion of the property is a disaster waiting to happen,

precious0980 · Feb 19, 2009, 07:11 AM

For example if my husband will buy his ex-wife part. And if his ex don't want or she will demand more money. What he need to do? Am I qualified as a buyer for the house if in case they decide to sell the house?

ScottGem · Feb 19, 2009, 07:26 AM

As I said, there are three choices, her he buys her out, she buys him out or you sell to a third party.

If you can qualify for a loan you could be the third party.

If his ex demands too much for a buy out or refuses buy him out or blocks a sell, there is not much you can do.

precious0980 · Feb 19, 2009, 07:46 AM

(If his ex demands too much for a buy out or refuses buy him out or blocks a sell, there is not much you can do. ) You mean there will no buying out or selling if his ex will block ,refuse or demand more money?

this8384 · Feb 19, 2009, 08:01 AM

Originally Posted by precious0980

You mean there will no buying out or selling if his ex will block ,refuse or demand more money?

Exactly. You can't force her to sell, which is why Fr_Chuck pointed out that he can't believe the attorney let this slide during the divorce proceedings.

ScottGem · Feb 19, 2009, 08:02 AM

Yep

precious0980 · Feb 19, 2009, 08:15 AM

I know it is really unfair to my husband side w/c his the one who pay the mortgage. A Last Will can help to protect the interest of my husband and myself? Since there will no deal to settle if she block,refuse and demand more money.

ScottGem · Feb 19, 2009, 11:41 AM

All your husband can do with a Will is leave his share of the house to you. So then YOU would be the co-owner with his ex.

this8384 · Feb 19, 2009, 11:41 AM

Originally Posted by ScottGem

All your husband can do with a Will is leave his share of the house to you. So then YOU would be the co-owner with his ex.

And wouldn't THAT be a bowl of cherries! :)

precious0980 · Feb 19, 2009, 12:12 PM

I really do appreciate all advise to me it's a big help. Hope and pray that one day his ex would be nice and good to us and maybe we can make deal with her. Since she have a new boyfriend now after divorcing her 2nd husband.

JudyKayTee · Feb 19, 2009, 01:40 PM

Originally Posted by this8384

And wouldn't THAT be a bowl of cherries! :)

I would personally buy a ticket.