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My husband and I bought a house 1 yr. ago, but the loan is in his name only. My name is on the deed, but somehow I feel like it is more his than ours.

2006-06-21 15:54:00 · 11 answers · asked by Anonymous in Politics & Government Law & Ethics

11 answers

This has nothing whatever to do with marital property rights, community property or anything else. (Although would be important in other circumstances.) But here, your name is on the deed.

If your name is on the deed then you have an interest in the property. If the deed is simply to you and your spouse with nothing further stated then your interest is the same as your husband's.

2006-06-21 16:36:46 · answer #1 · answered by Rillifane 7 · 2 0

Ownership is by the deed, not the loan. Unless otherwise stated on the deed, ownership is in equal sums for each person listed on the deed. I would suggest the deed be joint with right of survivorship. If one party dies, the surviving party takes a new deed along with a death certificate to the office which records deeds. File the new deed accordingly and you can avoid probate of the real estate and the value of the equity.

2006-06-21 16:11:16 · answer #2 · answered by Jeffrey H 1 · 0 0

There are two answers - one for death and one for divorce.

IIn death, you are exactly wrong. Most states would see the house as entirely yours. It would pass to whomever you choose in your will or your natural heairs if you don't. Even so, your husband has a claim on his spousal share which, depending on the state, could be fifty to a hundred percent. He may get your entire estate if you die without a will; he may have a huge elective share if you die with a will and don't leave enough of your property to him.

In divorce, almost all states would see the house as marital property. The name on the deed is meaningless when a house is bought during a marriage (especially with joint funds). The courts could award you each half the house or make an unequal award if justice so requires.

2006-06-21 16:19:17 · answer #3 · answered by Loss Leader 5 · 0 0

I don't know where loss leader is coming from, but if your name is on the deed, you are a co-owner.. Titled property which passes to a co-owner upon death is a non-probate asset, i.e., is not part of an estate. Depending on if its in joint tenancy, when he dies, you get it and vice versa.

Thus for example, assuming it is held in joint tenancy, were he to die first, you would get it and he would NOT BE AROUND to have a forced share. (In Ill., in order to have a "spouse's award," your husband would have to survive you) 755 ILCS 5/15-1(a). Likewise, a spouse must survive to renounce a will and claim a forced share. 755 ILCS 5/2-8(a). Conversely, were you to die first, he would GET IT ALL, and thus would not need to claim a forced share. (the laws of other states may differ).

The deed controls the ownership of real property. If, for example, you were to get divorced, the court could conceivably value each of your ownership in the house and offset it against other assets. Unless a divorce occurs, you have nothing to worry about. You got a sweet deal. You get ownership in a goodie for which he has agreed to pay.

If you are really concerned, contact an attorney in the state where you live and spend the money on a fee for the sake of your peace of mind. If you live in Ill., email me and I will be glad to discuss it with you in more detail.

Otherwise, the feelings you have may be due to the fact that he is making all the payments. However, it appears to me that he intended to make a gift to you of part ownership in the property.

2006-06-22 04:28:56 · answer #4 · answered by Mr. October 4 · 0 0

You own 1/2 of house if your name is on deed. However, you are not responsible for any of the loan in his name only. Married 33 years and my deal is not that sweet, even my name is on loan.

2006-06-21 16:15:13 · answer #5 · answered by Wolfpacker 6 · 0 0

It depends on the state laws on community property. In the State of New Jersey the mortgage may be in either persons name but the home if purchased while married is community property. Both of my children homes are owned that way. You need to be more specific of the state you live in.

2006-06-21 16:02:15 · answer #6 · answered by Karen B 1 · 0 0

In Michigan it's 50/50 if you are both on the deed with full rights of survivorship if one of you dies. If only he is on the deed you get a 30% consideration in Probate Court if he is on the deed alone (your dower interest). If only you are on the deed and you die, he gets NOTHING! Michigan stinks in this respect.

2006-06-23 05:55:32 · answer #7 · answered by Rosemary A 2 · 0 0

You mentioned "married". Then it authomatically becomes conjugal property. When ever divorce will come. The property will be divided 50/50. You had the legal rights. Your husband cannot sold it under any circumstances without your consent. Otherwise, you can sue em in court.

2006-06-21 16:05:46 · answer #8 · answered by Sam X9 5 · 0 0

Yes

2006-06-21 16:22:39 · answer #9 · answered by quantum.field 2 · 0 0

Depends on the state laws. Here in Minnesota, the law pretty much reads "what's mine is mine. what's his is mine. what's ours is mine." My best friend from high school's sister's exhusband moved her to Wisconsin before divorcing her to get around that little technicality.

2006-06-21 16:11:06 · answer #10 · answered by Gabby_Gabby_Purrsalot 7 · 0 0

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