Signing away Dowery Rights

[wife_in_ohio]

When my husband and i met, i was very upfront about my inability to control myself financially. We agreed that he would always control the money.

 

I have NO desire to have ANY control over our money. We have been together 10 years and married for 8. While i know i should not say never, but at this moment, i see no reason for our marriage to end. Our system mostly works for us.

That being said. we are refinancing our house which we bought BEFORE we were married (in his name).

 

I was unaware of the "dowery" rights in ohio, and when we went to the bank to refinance, the banker said i had to be at closing because i had to sign dowery rights.

 

 

I don't want them. I want NO way to ever screw up my husbands credit. He has perfect credit.

 

I still don't trust myself, and never will when it comes to money. The question is not if, but when, when it comes to me screwing up again.

 

I guess what my question is this: In ohio can collection agencies put liens on "dowery rights" houses? My name is not on the loan. My name is not on the title, currently.

This has me really frazzled.

[SportsNut]

Don't be FRAZZLED, this is std opp procedure that a spouse, not on the title of the property, (meaning no ownership rights via deed), still hase dower rights. When a refinance is done in this situation, the spouse who is not on title must waive these rights in order for the lender to perfect their mtg or possible claim against the real estate in the event that you Husb didn't pay the mtg.

 

Absent your waiver, the lender could only make a 2/3rds claim against the property, speaking worst case here if your Husb defaulted on the mtg. Again, nothing to worry about here. Just one of those state specific laws in Ohio which give a spouse by virtue of a marriage a 1/3rd interest in all real property even though you name is not on the title. Any creditor cannot, repeat cannot attach properties that you possess a dower right into, unless and until you would possess the real property via title by your dower rights claims. Meaning, if a divorce every occurred and all was not well in Bedlem that you could potentially assert your dower rights and end up with a 1/3 interst in the properties... or more prevalent than divorce would be at death and if Husb attempted to will or deed the props to his heirs and cut the Mrs out of his Will, the dower rights would save your interest in any real property.

 

Again, nothing to worry about here and now consider yourself UN-FRAZZLED.

[wife_in_ohio]

Don't be FRAZZLED, this is std opp procedure that a spouse, not on the title of the property, (meaning no ownership rights via deed), still hase dower rights. When a refinance is done in this situation, the spouse who is not on title must waive these rights in order for the lender to perfect their mtg or possible claim against the real estate in the event that you Husb didn't pay the mtg.

 

Absent your waiver, the lender could only make a 2/3rds claim against the property, speaking worst case here if your Husb defaulted on the mtg. Again, nothing to worry about here. Just one of those state specific laws in Ohio which give a spouse by virtue of a marriage a 1/3rd interest in all real property even though you name is not on the title. Any creditor cannot, repeat cannot attach properties that you possess a dower right into, unless and until you would possess the real property via title by your dower rights claims. Meaning, if a divorce every occurred and all was not well in Bedlem that you could potentially assert your dower rights and end up with a 1/3 interst in the properties... or more prevalent than divorce would be at death and if Husb attempted to will or deed the props to his heirs and cut the Mrs out of his Will, the dower rights would save your interest in any real property.

 

Again, nothing to worry about here and now consider yourself UN-FRAZZLED.

So, I should or should not sign away my rights?

 

If I get what you are saying, due to Ohio laws, until/unless we divorce/he dies, only then is the asset considered mine, and only then would it be something someone can put a lien on.

[Bitbit]

It's is never considered yours. Period. If he dies, you automatically have a one third interest in the property. If it is sold, as his widow you are entitled by law to one third the proceeds. The house is still not yours, but as a widow you are offered some protection against abject poverty just because your husband died.

 

If you don't sign the waiver, he cannot refinance.

[Bitbit]

It's is never considered yours. Period. If he dies, you automatically have a one third interest in the property. If it is sold, as his widow you are entitled by law to one third the proceeds. The house is still not yours, but as a widow you are offered some protection against abject poverty just because your husband died.

 

If you don't sign the waiver, he cannot refinance.

[Bitbit]

The asset is never considered yours. Period. As a widow, you would have a one third interest in it, meaning you are automatically entitled to inherit one third the equity in it. Divorces are a whole other matter.

 

If you do not sign the waiver, he cannot refinance. If refinancing is what you two have decided to do, you need to sign the waiver.

[wife_in_ohio]

I don't mean to not sign, I mean to waive my rights.

[SportsNut]

I don't mean to not sign, I mean to waive my rights.

 

At the closing of the mtg you will need to sign a document that states that you intend to waive your Dower Rights. This does not obligate you for the mtg in any way, it merely allows the lender to secure their position legally and without your signature waiving the Dower Rights there will be no mtg loan.

[Bitbit]

Sorry for the multiple posts. iPad on the fritz?

[wife_in_ohio]

Sorry for the multiple posts. iPad on the fritz?

Ok , cool thanks. Are there any reprocessing to me doing this?

[Wonderingwife]

so, I was reading this post and had a question of my own! Does dower rights mean that if this said couple is to divorce than she does not recieve any money from the house? Marriage is 50/50

[doodlebugger]

I have some experience with this topic. My parent's house was only in my Dad's name. He passed away, and the bank couldn't sell it because my Mom had Dowery rights. They allowed her to stay there, but only if she made the payments. After she stopped paying, they had to pursue her legally to get her to sign over her rights, otherwise, if they sold the house, she would be entitled to some part of the proceeds. From what I have read, divorce will null and void any dower rights as soon as it's legally over. Dowery rights only apply if you are married and the spouse passes away from what I comprehend.

 

As for the OP - if you want to refinance, and they stipulate that you have to give up your dowery rights as part of the agreement, then you don't have a choice if you want the refinance to take place. Your spouse can still add you to the title of the house later on, but if he dies before that happens, then you will not have any rights to the house unless you pay off the loan. I hope that makes sense. It's just a formality to protect the bank's interest in the property down the road.

[ICANHASMUNY?]

if your husband has control of your finances for 10 years

 

what ever troubles you once had are beyond the STATUTE of LIMITATIONS

 

unless you had judgments awarded against you in court.

 

you really should build yourself some credit, if he passes on suddenly, you could be SOL ( the other one)