Legal Question in Family Law in Virginia
gift of Deed on Real Property
I have in my name only a gift of deed with a life estate for my aunt on real property. she has passed away. If I divorce will I have to split this property? Can I get a 2nd mortgage? Can this be considered shared property even if I received it in my name alone after I got married?
1 Answer from Attorneys
Re: gift of Deed on Real Property
As always, my favorite lawyer answer, "it depends".
If your aunt made a gift to you of this property, reserving for herself a life estate, it should fall under the definition of your separate property, not marital property. If your aunt sold it to you, keeping a life estate, it would likely be maritial property. Marital property is subject to equitable distribution in the event of a divorce; separate property is not.
In any event, you should be able to get a 2nd mortgage on the property while you are still married, though it might require your spouse signing on the deed of trust securing the 2nd mortgage, which may be dificult leading up to a divorce.
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