Wife inherited $1 million from estranged malignant narcissist mom. Pay off mortgage?

XTRXTR

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It is staggering to me how many men are not prepared or legally illiterate to the point they believe they don't need it. Like its a strange manly honor to never need such a thing. While women for the most part only talk about this with their friends constantly, being prepared at any point to pull the legal trigger when necessary.

Just get a lawyer
 

crossroadsnyc

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It is staggering to me how many men are not prepared or legally illiterate to the point they believe they don't need it. Like its a strange manly honor to never need such a thing. While women for the most part only talk about this with their friends constantly, being prepared at any point to pull the legal trigger when necessary.

Just get a lawyer

It’s because boys are not properly taught that a marriage is a business, so by the time they become men, they are going into something they know very little about. Women on the other hand are typically prepared/coached from early on.
 

DaDoc

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Sorry to bore anyone. Rich people problems. Right?

There could be someone who identifies.
Paying off the mortgage would be the right (and the nice) thing to do IMO. But having been through scenarios concerning inheritances I can say it brings out the absolute worst in people. AND families..In my case, it wasn't even exes or in-laws, but blood family who hosed me.

At the time I even talked to a lawyer who was a friend of mine about going to court, his advice was "Don't! That will just cause bad feelings!"

So I didn't. That was many years ago now, and I have a lot of "bad feelings" to this day..Oh well, at least I'm the only one with them..:noplease:

One thing's fer sure, the party who screwed me over ain't getting nothing when I croak! My in-laws are more like real family than my own selfish family is as it turned out, so whatever I have will go to them. The blood kin asshat will get a video of me explaining EXACTLY why he's getting cut off..It sucks, but that's the way it has to be.

Different scenario from yours, but I do get it..Sorry to hear, and I would at least talk to a lawyer and see what options you have, if any. Don't do like I did and roll over.

BUT, bear in mind that a lawyer will sometimes screw you over in legal fees, especially when large amounts of $$$$ is at stake..Get prices and fees up front, on paper..And shop around if you do go the lawyer route.
 
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Jethro Rocker

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It is staggering to me how many men are not prepared or legally illiterate to the point they believe they don't need it. Like its a strange manly honor to never need such a thing. While women for the most part only talk about this with their friends constantly, being prepared at any point to pull the legal trigger when necessary.

Just get a lawyer

It’s because boys are not properly taught that a marriage is a business, so by the time they become men, they are going into something they know very little about. Women on the other hand are typically prepared/coached from early on.
Or in the case of my sister, the opposite. Her ex handled all that end of things so after the third remortgage (her name is on it too) that she was unaware of, he couldn't make payments for 6 months. Almost lost the house until she found out and we helped her.
She needed to know about all the business of the household and unfortunately didn't.
That changed, he is gone, they sold and moved on.
Everyone should be aware of the family finances.
 

Old Punker

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This. This is why I'm not married. Me and my "wife" have been together for 17 years, and plan to stay that way. We're in this together because we want to be in this together, and a piece of paper and a peice of jewelry isn't going to gain us anything that we don't already have. And, it could be detrimental to both of us (me lol) if that were to change, so why bother?

If you were going skydiving, and they told you that 3 out of 4 parachutes were going to fail, would you still jump?
Only if they gave me the one 'good' parachute! :D
 

Matthews Guitars

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There is a scenario where you should keep a liability. A scenario where doing so will increase your wealth more quickly than if you retire it.

Let's say I am paying 4 percent on a mortgage but I have an investment that's bringing in 12 percent.

To pay off the mortgage in cash it'd cost me 100,000 dollars. 100,000 dollars that I'd take out of my investment allocation. That 100,000 dollars that made me 12,000 dollars in the last year.

But that mortgage cost me only 4,000 dollars in interest payments last year.


Paying off the mortgage costs you 100,000 dollars plus the interest that payoff amount could have earned if invested.


You still will have to pay your monthly mortgage payments, so you have to figure those in as well. But always keep in mind the difference between what your money
can earn for you via interest bearing investments vs. what it costs you to buy something on time.


Careful management of these liabilities and interest bearing assets is an important part of wealth management. It's what allows a smart, moderately well off individual to basically have a new sports car in his garage every year without really paying for it. He makes a few payments on it while his investments grow faster than he pays off the car.
 

saxon68

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See the good thing about being poor is you don’t have to worry about losing anything.

Gramps always said “I came into this world with nothing and I’ve still got most of it”.

On a serious note, I did have a divorce many years ago, and we decided it was better for us to come to agreement than to give money to lawyers.
 

StrummerJoe

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That's a hell of a problem. Of course the right thing to do is pay off the mortage. It would be to both of your benefit.


Me? I'd get a big pile of coke and some hookers while your wife figures it out.
 

StrummerJoe

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This. This is why I'm not married. Me and my "wife" have been together for 17 years, and plan to stay that way. We're in this together because we want to be in this together, and a piece of paper and a peice of jewelry isn't going to gain us anything that we don't already have. And, it could be detrimental to both of us (me lol) if that were to change, so why bother?

If you were going skydiving, and they told you that 3 out of 4 parachutes were going to fail, would you still jump?
applause2.gif
 

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