my husband and I have separated after 27 years of marriage. We have lived in our current marital home for 4 years. It is his family home that he purchased from his mother about 5 years ago. I am not on title or deed. He has moved out and I live in our family home with our daughter (15) and son (20). We have discussed putting the home in a trust for our three children but he wants me to move out. I’m the under earning spouse but I can afford to continue to live in this home. He moved to an upscale apartment paying $1700/mo plus the mortgage on the home. I can not afford to move some place else. Is the trust a good idea? And can the children give me lifetime rights to live in the home? Does lifetime rights offer any protection?
The logistics of whether the children could deed you a life estate, or lifetime interest in the home, is better suited for someone who practices in the area of property law. So unfortunately, I can’t help you with that question.
But, there is an equitable distribution issue with regard to the house. Even though your name is not on the deed or mortgage, the home appears to be a marital asset. So long as he didn’t use separate money (money he had before marriage, money from inheritance, etc.) to purchase the home from his mother, this is a marital asset and at a minimum you should be entitled to half of the value of the home.