My question involves real estate located in the State of: New York
15 years ago my in-laws built an extension on the house I co-owned with my wife. We put them on the deed at that time. A few years later we changed it to a life estate for them and the names on the title were change to just my wife and myself. My wife and I are now getting divorced. My understanding when I agreed to the life estate was that my wife and I were the owners but her parents had a right to live here for life.
Now my wife is taking the position that there is nothing we can do except for me to stay on the deed and mortgage until they pass, and we will split the equity then. I'm looking to get a buyout of my equity now. We are planning on trying mediation, but I'm not sure we will be able to come to an agreement on buying me out. I'm under the assumption that at the very least there is a formula for buying out a remainderman, but being it is only my wife and my name under the title part of the deed, that we are not true remaindermen.
I'm looking for any guidance as to what I should technically be entitled to, as well as what a judge might decide. And most importantly for negotiating purposes is there any way I could actually be stuck doing what my soon to be ex wife is asking for, and have to stay on the mortgage. Thanks in advance.
15 years ago my in-laws built an extension on the house I co-owned with my wife. We put them on the deed at that time. A few years later we changed it to a life estate for them and the names on the title were change to just my wife and myself. My wife and I are now getting divorced. My understanding when I agreed to the life estate was that my wife and I were the owners but her parents had a right to live here for life.
Now my wife is taking the position that there is nothing we can do except for me to stay on the deed and mortgage until they pass, and we will split the equity then. I'm looking to get a buyout of my equity now. We are planning on trying mediation, but I'm not sure we will be able to come to an agreement on buying me out. I'm under the assumption that at the very least there is a formula for buying out a remainderman, but being it is only my wife and my name under the title part of the deed, that we are not true remaindermen.
I'm looking for any guidance as to what I should technically be entitled to, as well as what a judge might decide. And most importantly for negotiating purposes is there any way I could actually be stuck doing what my soon to be ex wife is asking for, and have to stay on the mortgage. Thanks in advance.
Life Estates: How to Divide a Life Estate in Divorce
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