Q: My husband and I share ownership of our house on our deed. However, my mother-in-law is also on the deed.
The property sits on an acre of land on my mother-in-laws farm. What would happen if my husband and I divorced? Since she doesn't live with us I feel as if she shouldn't have ties in the share value of the home. Also, what would happen if my mother-in- and father-in-law divorced? Would he be able to claim apart of our property? My husband and I are the primary owners of the property that our house is on and the mortgage is in our name only.
A: Seeing the actual deed would be important, but basically you, your husband and m-I-l are either tenants in common or tenants with right of survivorship. Either way you m-I-l has a 1/3 or 1/2 interest in the property. If you and your husband divorce, she would be entitled to 1/3. If she and her husband divorce, he is entitled to one half of her 1/3, giving him a 1/6 interest in the property. Best play for you and husband is to get a quitclaim deed from m-I-l and f-I-l to you and your husband. That puts it back to just your husband and you.
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