My mother has $200,000 to put towards a house in California. She is hoping she may get married one day, but does not want her future husband to have a claim in her property if she dies.
She plans to give the property to me (her only child) and my children when she dies.
If her future husband lives in her home with her, how can she keep it separate?
If he does any work on the house, like repairing the roof, doesn't it become community property in California?
Isn't it the same thing if they have a joint account and pay the mortgage payment out of the checking account?
2006-07-13 10:25:56 · 16 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Have him sign a prenuptual agreement.
2006-07-13 10:27:05 · answer #1 · answered by Leigh 3 · 0⤊ 0⤋
Whether or not he does any work on the house, he will have a Community Property interest in the worth gained after the marriage.
One way to get around it is have her put the property into a trust. She can name you as successor or co-trustee. A trust is not subject to community property laws.
A prenup is also a good idea. He will need to sign a Interspousal Grant Deed to come off the property. It states that ANY community property interest he may have is completely relinquished.
Your mom may want to keep a separate account with just her name on it for the mortgage and property taxes. You can have an account just for the trust as well.
If he's unwilling to sign off, I would look into his background and see why that may be.
A trust would head that particular fight off before it starts.
Good luck :)
2006-07-13 12:46:54 · answer #2 · answered by Christine 3 · 0⤊ 0⤋
I honestly do not know the laws on community property in CA but there are several ways to achieve her goal. For example she can create a life estate in the property and give you the remainder which means that she can live there as long as she is alive and upon her death it would go to you. Go to see a lawyer. This is not a very complicated problem and you will need one to draft the documents for you anyway. It should not be very expensive and is something that any competent estates or real estate attorney could do in short order. Call the state bar association for a referral if you don't know of someone.
2006-07-13 10:35:50 · answer #3 · answered by C B 6 · 0⤊ 0⤋
When she buys the house she wants to put it in a family limited partnership, where she is the general partner and the daughter is a limited partner.
Before she gets married, she needs to have a pre-nuptial agreement that states what happens in the event of a divorce with assets purchased during the marriage.
Your mother needs to have a living trust with a pour over will that will determine the division of her assets upon her demise.
Good Luck
2006-07-13 10:32:10 · answer #4 · answered by teenriodoll 3 · 0⤊ 0⤋
The best way to protect herself (and you as her beneficiary), would be for her to require a pre-nuptual agreement with her future husband should she find one. This will protect the assets defined within from being community property in cases of divorce.
She should also have a Will written up though, in case, god forbid, she passes away after being married (or before for tha tmatter). As a Pre-Nup won't convey the house to you upon her death, as I beleive it only to pertain to seperation and divorce.
Obviously, have a competent family law attorney handle these matters to make sure they are bulletproof.
2006-07-13 10:33:54 · answer #5 · answered by ReggieWjr1 4 · 0⤊ 0⤋
Why does she already distrust this man from the future so much that if they get married, she doesn't want him to be able to live there after she dies? Is she going to make him live in his own house while they are married? Sounds like your mom has some problem. I wouldn't marry her if I were him. Sign a prenup and make out a will.
2006-07-13 10:29:23 · answer #6 · answered by Blunt Honesty 7 · 0⤊ 0⤋
She will need to have her future husband sign a prenup. Also, she has a will and places the property in it for you as added protection.
I am a broker in Southern California, if you're planning to buy in Southern California, you can search the MLS for free. My agent will split her commission with you up to 5k. We also do loans.
See website for more details.
Regards
2006-07-13 11:40:43 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If California, all your pre marital property is yours unless she signs a quick claim deed to have him as a joint tennet in the title.
2006-07-13 10:28:28 · answer #8 · answered by answer annie 5 · 0⤊ 0⤋
.What you do is as a lot as you. you ought to offer your spouse a present any time you decide on...i does no longer evaluate it a "mom's Day" present although, if she's no longer anyones mom nor the mummy of your babies. possibly her hinting is that she needs both of you to commence engaged on having childrens. Why no longer confer with her about it? Hinting in simple terms leaves too a lot open for false impression.
2016-10-14 10:43:01 · answer #9 · answered by ? 4 · 0⤊ 0⤋
Go to findlaw.com and read in the California realestate section. It is free and you can ask lawyers questions. There is lots of free information there. Hope it helps.
2006-07-13 10:28:43 · answer #10 · answered by nastaany1 7 · 0⤊ 0⤋
Have her make a prenuptual agreement. Also, make sure she has a Will. Assuming she dies before her spouse, he will probably have a 'life estate' which mean he can live there until he dies. Upon his death, then you get the house. (The law doesn't like forcing widow/widowers out of their homes when their spouse dies).
2006-07-13 10:29:24 · answer #11 · answered by Brand X 6 · 0⤊ 0⤋