9 replies to this topic

[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?