We Need Financial Freedom From My Mother-In-Law (We're Being Sued)

Brought to you by the EveryDollar app. Start budgeting for free today. So my mother-in-law and husband put his name on all her assets before we got married because my husband's father passed away. Recently we have an issue where since my husband's name was on her car she was sued for a car accident which means that he was also sued. We're trying to dissolve those agreements with her but we're getting some pushback. We can't get copies so we need some help getting some financial freedom from my mother-in-law. Wow. Okay so you said there were agreements what do you mean? So they decided to put his name on all her assets. Now I got that. The cars, the houses, the insurance, he signed all the paperwork to be on the mortgage, on the title, the deed, etc. You can't add yourself to a mortgage. Okay. So he did not do that. Okay. He helped her purchase a home and so he was part of that. Okay then if it was part of the purchase he could be on the mortgage with her. Okay. Okay yeah and then they refinanced the original home and so he's on those documents. Oh boy. So he was obviously trying to help her right? Correct. And why did they think he needed his name on everything in order to help her? She did not have a trust in place so she was fearful that if something happened to her the family wouldn't keep anything. The family wouldn't get anything? It would go into probate, things like that. What's she worth? Of course it goes into probate that's but that doesn't mean the family doesn't get anything. All you need is a will. You don't have to have a trust. What's her net worth? I was not quite sure. Well give us a ballpark. Is she a multi-millionaire? No no she is not. Okay. She works for an insurance company. Um and so the net result is is that they um he was trying to do a really nice thing and she was trying to protect but they did not get good advice and so they did a whole stupid thing which is put his name on everything and that was really stupid and that's and now you got sued when she had a car wreck. How much is she being sued for? I believe about fifty thousand dollars. So she didn't have insurance? She didn't have adequate insurance? She does. It's going to go through insurance but because my husband's name is on her vehicle he is named in that lawsuit as well. Yeah he has to be. Yeah and now that we're married we eventually want to buy our own home um so our goal is to completely dissolve these agreements with her. Yeah. So the fifty thousand insurance is going to pay eventually you just don't like that his name is tied up in it? Yeah she wants the name off of everything. So you want to go through and take his name off of everything? Yeah yeah. It's going to be very difficult very complicated um and you're going to need legal advice okay. Summer gets busy fast between vacations camps and travel plans the last thing you need is another thing to manage. That is why I love Delete.Me. Delete.Me removes your personal information from hundreds of data broker sites that can leave you vulnerable to spammers and scammers and they keep monitoring it all year long and honestly it feels good knowing that someone is handling it for me and you can get 20 percent off an annual plan at join delete me dot com slash ramsay that's join delete me dot com slash ramsay and you're going to need legal advice okay so each item will be different okay a bank account's very simple he can go to the bank and have his name removed very easy okay a mortgage is impossible he can't get his name off of it so she has to refinance her home to get a new mortgage to get his name off of it and you'll have to probably pay the cost of the refinance because you're the one requesting to do this very complicated uh the car title she can just sign uh I mean he can sign an affidavit and have his name taken off of the car title uh but she'll have to sign all of it is she refusing to cooperate in this idea um she's okay to remove his name off the car title but she does not want to refinance her homes right now so she won't remove him from the home yeah that's fair enough I can understand why yeah well I mean if you offer to pay for the pay for the refinance cost and the interest rate is the same or less it would benefit her to refinance it okay and uh but she didn't want to refinance it because she won't have to pay for it um and I was going to say what is what is her current interest rate do you know uh I think it was around three percent yeah she's not gonna refinance it's not gonna work right um that's tough all right you know what I would do is just make a list of stuff that has his name on it and say what is the solution with each of these things there's not one simple you can't sign one simple document it does everything you're gonna have to go to each situation and have his name removed where you can um and uh uh until it's beneficial for her to remove take you know interest rate wise and so forth she's not gonna you're not getting off that mortgage um wow um and your husband and his mom are both willing to do all of this they just don't know how is that what you're saying um my mother-in-law would like to five years or so sometimes she goes back and forth but that's what she truly wants to do but the hope is that in five years she will refinance so that we can go purchase our own home well I mean as far as the other property other things go she's willing to take his name off yeah car title yes well I mean there's a whole bunch of stuff you mentioned car title you mentioned insurance policies you mentioned bank accounts you mentioned right yeah so since he is on both the homes she says that she cannot remove him from the home insurance we did remove ourselves we're trying to remove ourselves from her car insurance currently that's true I mean you don't you if you're on the mortgage you want to be on the home insurance in case it burns you don't get stuck with the mortgage right so your husband does want to stay on that insurance that's so um okay so really what we did did is is that they did they were trying to do a smart thing and they did it in a dumb way both of them um in a way that no one would recommend if they'd gotten any estate planning advice at all it would not have been hard to solve this um and so but there's no bad malice here she's not um I mean she didn't set out to do harm to her son and he certainly didn't set out to do harm to his mom right so there's no um there shouldn't be any drama here you just got to clean you just got to go through and clean it up other than the fact that you got sued but I mean that's not her fault actually it's your husband's fault he signed up on a car that he shouldn't have I mean the two houses is going to be the pain in the neck yeah that's going to be the hard thing is getting rid of that and you know it's just watch interest rates and his interest rates come down or you know the balance on the mortgage comes down pay off the stinking mortgage I gotta believe she's close to you know I don't I don't know something like that if but if you can get the interest rate to where it's beneficial to her to refinance then I would be willing to pay the refinance cost if it was me to get her get my name off of it and that's that happens a lot of times where there's a divorce and uh they didn't bother to get the name off the mortgage and then five years later the divorced husband or wife's got a name hanging out over here then they'll have to go as a negotiation pay to pay for the refinance get their name off um yeah but um yeah this is a classic thing of what we call street law which is a bunch of people sitting around a campfire with an opinion about what you should do on something that have absolutely no freaking idea what they're doing and this guy signed up for a mess create your free every dollar budget today the simplest way to budget for your life