Reply
New Contributor
martinsoka17
Posts: 94
Registered: ‎08-21-2013
0

Re: Keeping a first home separate....


sunshine24 wrote:

Affordability is an issue for me, as we live in a very expensive real estate area. If something happened to him, I will probably be struggling with the home we purchase together and I don't want to have to worry about his other property and tenants. We have agreed to each pay half of the home we buy together. He (or his tenants) will pay 100% of whatever he owns separately and I am not involved or on the deed. This is how he wants to handle it. He does feel the the marital home should be the only jointly owned property, which I am ok with. We live in a community property state so I don't really know if it's all pointless anyway. Even if my name is not on the deed of his first property, since we're in a community property state, am I on the hook anyway?


In the state I live in, if something was brough to court or the legality was in question, the court essentially goes back prior to the marriage and establishes a date of which everything accrued after that specific date is what's call "Marriage Property" (this is in real estate law, btw). If you lived in my state, and he purchased and closed on the home before you two were married, AND he has NEVER paid any part of the mortgage with funds from a joint account (very difficult to prove), and upon his passing, if there is nothing written in his will regarding the property, it goes into estate. They would contact his next of kin (you) regarding how to pass along the property. From there you would not necessarily be financially responsible for it, however it would be up to you to decide what to do with said property. My best advice is to contact a REAL ESTATE attorney or an attorney who is familiar with real estate law in your area. Real estate law is a whoooole different ball game from everything else. 


Starting Score: 523
Current Score: 643
Goal Score: 700 club

Take the myFICO Fitness Challenge
There is a light at the end of the tunnel!
Regular Contributor
Startome
Posts: 399
Registered: ‎08-21-2013
0

Re: Keeping a first home separate....


martinsoka17 wrote:

sunshine24 wrote:

Affordability is an issue for me, as we live in a very expensive real estate area. If something happened to him, I will probably be struggling with the home we purchase together and I don't want to have to worry about his other property and tenants. We have agreed to each pay half of the home we buy together. He (or his tenants) will pay 100% of whatever he owns separately and I am not involved or on the deed. This is how he wants to handle it. He does feel the the marital home should be the only jointly owned property, which I am ok with. We live in a community property state so I don't really know if it's all pointless anyway. Even if my name is not on the deed of his first property, since we're in a community property state, am I on the hook anyway?


In the state I live in, if something was brough to court or the legality was in question, the court essentially goes back prior to the marriage and establishes a date of which everything accrued after that specific date is what's call "Marriage Property" (this is in real estate law, btw). If you lived in my state, and he purchased and closed on the home before you two were married, AND he has NEVER paid any part of the mortgage with funds from a joint account (very difficult to prove), and upon his passing, if there is nothing written in his will regarding the property, it goes into estate. They would contact his next of kin (you) regarding how to pass along the property. From there you would not necessarily be financially responsible for it, however it would be up to you to decide what to do with said property. My best advice is to contact a REAL ESTATE attorney or an attorney who is familiar with real estate law in your area. Real estate law is a whoooole different ball game from everything else. 


+1

Current: EQ FICO 0, TU FICO 0, EX FICO 0 | Starting Score: 0 (08/21/2013)

Starting total revolving credit: $0 | Current total revolving credit: $1600.00

Inquiries (12 Months): EQ 3-4 TU Unsure EX Unsure | Most Recent: 8/19/2013


2013 Goals:
1,000.00 Emergency Fund
1,000.00 Emergency Fund, AGAIN
Mechanically Sound Car
Unsecured Card

Fifth Third $300
U.S. Bank Harley Davidson $300
Capital One Platinum $500
2nd Capital One Platinum $500



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}