Separate vs Community Property
I had purchased a house in California 5 years ago with my sister. We were single at that time. The ownership is joint and therefore the title will be automatically transferred to my sister if I pass away.
I will get married this year and we will not living in the house. In case we divorce in the future, will my husband claim a share to the house? If so, what is the methodology to determine his share %? Can a quick claim deed help?
Thanks.
Re: Separate vs Community Property
Speak to an estate planning lawyer about having the property transferred to a trust which would keep it entirely outside of the marital estate, and do that before you marry, or consider a prenuptial agreement.
Re: Separate vs Community Property
In case I don't do trust or sign a prenuptial agreement before getting marry, what's his share based on if we divorce? Will he entitle half of my basis?
Re: Separate vs Community Property
It would likely be a percentage of the increase in equity of your share, based upon contributions made toward the principal of any mortgage (or possibly other payments which contribute to the equity) during the course of the marriage. For further explanation, you may wish to read this case.
Re: Separate vs Community Property
Why not just get a pre-nup????
I did because of my assets and just plain ole
good common sense.
Myysss well find out right here what is up with
your partner he/she/it should not care if the
marriage is sound or will be sound.
Also the concern is really with your other family
member on Title.
Me I would get it cleared up before you marry
and a very good time to see if your partner
has money ideas here going into your marriage
Just my 2 cents
Skidoddle