Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Money Management > Loans > Mortgages > Home Equity and Refinancing > How does divorce affect property interest formerly held as tenants by the entirety and what happens when one dies?

How does divorce affect property interest formerly held as tenants by the entirety and what happens when one dies?

In: Home Equity and Refinancing, Estates, Deeds and Ownership [Edit categories]

Answer:

A divorce decree generally breaks a tenancy by the entirety and creates a tenancy in common between the parties. In that case when one dies their half interest in the property passes under their will or to their heirs at law under the state laws of intestacy if they had no will. You can check the laws of your state at the related question link provided below.
In your case the interest would pass to the spouse of the decedent or the decedent's children.

First answer by Kluss. Last edit by Kluss. Contributor trust: 692 [recommend contributor ]. Question popularity: 1 [recommend question].

[report abuse]

Can you answer these Home Equity and Refinancing questions?

	Is pretax cost of equity higher or lower than after tax cost of equity?	Answer it!
	What is the strongest dish soap?	Answer it!
	What happens to a home that has another homes equity on it after one of the people die my mum put up her home for sister sister won't get loan?	Answer it!
	Can my wife insure her house under my name without me knowing?	Answer it!
	When can you get the house deeds in your name after probate has been granted?	Answer it!

Relevant answers:

What happens to property in cohabitation when one dies?
What happens to property when the owner dies depends on how the property is titled not whether the owner "co-habitated" with another person. Generally, co-habitation does not provide any legal rights...
How is property divided when it is not held as Joint Tenants by three people and one of the owners?
Property that is individually owned passes to the owner's heirs under their last will or according to the state laws of intestacy if there is no will. When a person dies owning an interest in real...
What happens to your property if you die without a will?
The legal term is "intestate". If you owned real estate or other "probate" assets at the time of your death an Admnistrator would need to be appointed by the probate court and your property would be...
If a mother and daughter own property as joint tenants what happens to the personal property?
A decedent's personal property passes according to the terms of their will or according to the state laws of intestacy. However, if the property consists of household items, such as furniture, linens...
When tenant dies what happens to lease?
Most leases have provisions that automatically terminates the lease in favor of the deceased tenant. However if the unit is damaged beyond normal wear and tear then the landlord may still keep the...