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Loren
Loren, Lawyer
Category: Family Law
Satisfied Customers: 29707
Experience:  30 plus years of experience.
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is real estate property obtained through a life estate considered

Customer Question

is real estate property obtained through a life estate considered marital property?
Submitted: 5 years ago.
Category: Family Law
Expert:  Loren replied 5 years ago.
There is nothing about a life estate, per se, which would disqualify it from being marital property if it otherwise was marital property.
Customer: replied 5 years ago.
what does if otherwise was marital property mean - I don't understand your answer. My husband obtained ownership in his father's house 10 years ago via a life estate for the sum of $1 is this marital property?
Expert:  Loren replied 5 years ago.
If it was not a gift or inheritance, it will qualify as marital property. Getting it for a $1, though, sounds like a gift which would make it separate property. What I was trying to say before was that a life estate can be marital property. In this case, however, it seems to have been a gift which would make it separate.

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