2007-10-07 05:42:08 · 8 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
In UK a property will always belong to the person whose name is on the title deeds....married or not.
There are only disadvantages to the non owner really.
Apart from only the owner is liable to the mortgage provider
The longer the non owner has lived (say about 10 years) in the house may entitle them to some financial interest if they can show they have provided by way of eg paying the mortgage or/and raising a family.. This would be for a court to decide if it came down to it.
Otherwise
The only way to obtain ownership over it would be to prove domestic violence
2007-10-07 15:15:37 · answer #1 · answered by stormydays 5 · 0⤊ 0⤋
Hello. I'm an accountant who does a lot of divorce work. Sorry, but a lot of the advice you're getting here isn't very accurate. As many have pointed out, if you buy a home after you're married, then it doesn't really matter whose name is on it. It's joint marital property. Now, if you're filing taxes separately then only the spouse whose name the home is in would be able to claim the mortgage interest as a deduction.
The point where I disagree with the other answers is what happens if one spouse already owns a home before the marriage and then that home becomes the marital home. Let's say that you buy a house, get married, and then get divorced. If you tried to claim that the house is yours because you bought it before the marriage and it's in your name, then I would say I don't think so - the reason being that during the marriage the home was more than likely paid for with joint marital money (unless you can prove otherwise). So, the other spouse can claim a special equity in the home for the period of time that marital funds were used to pay for the home - there is case law out there in several states that covers this situation. However, keep in mind that all legal type of questions depend on your particular circumstances and the law in your state.
Hopefully, you won't have to worry about any of this! :)
2007-10-07 07:08:19 · answer #2 · answered by Michelle 3 · 0⤊ 0⤋
If you are talking about after you are married, buying a house, then it makes no difference in many states. In Texas, a community property state, the house would be community property and owned by both spouces regardless of how you title it.
If you go into the marriage with a house, then it remains separate property.
I can only think of disadvantages for the surviving partner if you try to keep a house separate.
2007-10-07 05:45:30 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Most states are NOT community property states. Only 9 states are community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin
If your name isn't on the house, you don't have any rights to it. Whether this is an advantage or disadvantage depends if you are the one on the deed or not.
2007-10-07 06:24:34 · answer #4 · answered by bdancer222 7 · 0⤊ 0⤋
Many states are common property states. In some states, what one has before marriage remains theirs after marriage dissolvement. In other states, marriage unites all common property and theortically is owned 50-50 between the two. Check into your state specific marital laws.
Assuming you are not in one of the they keep what they had before the marriage states, then a house in one person's name only may hold up post-mortem transfers of interest for the surviving spouse of kin.
2007-10-07 06:12:45 · answer #5 · answered by MSouthers 2 · 0⤊ 0⤋
Benefits of joint:
- Protected in case of break up
- As long as you both have life / redundancy insurance then
your family income is better protected as it would cover
either of you
- Protected in the event of death of your partner to be able to
stay in the house even if you have kids
Down Sides:
- Couples are buying 1 house each on private mortgages to
get around higher interest rates on buy to let as they do it on
standard mortgages
- More tied in to the relationship but you still have rights if you
don't under new legislation due soon
2007-10-07 09:18:38 · answer #6 · answered by emailmillsy 1 · 0⤊ 0⤋
in general if you are married it does not matter who owns the home it is a joint asset the advantage would be if one went bankrupt it would have to be the one who did not own the house the disadvantage would be paying for it you would pay more tax if only one person owned it
2007-10-07 08:40:12 · answer #7 · answered by Anonymous · 0⤊ 1⤋
depends on where you live it could be difficult to get a share if you split up and your name is not on the deeds.
2007-10-07 05:50:59 · answer #8 · answered by D B 6 · 0⤊ 0⤋