Act of Donation

[CGuidry]

What is the name of your state (only U.S. law Louisiana

My Fiance and I purchased a house together last year placing the house in solely her name, due to some first time home buyer incentives we would not qualify for had we done a joint application. We are not married yet. Can we do an act of donation now, or do we need to wait until after we are married? Any help would be greatly appreciated/

 

[tranquility]

What is the name of your state (only U.S. law Louisiana

My Fiance and I purchased a house together last year placing the house in solely her name, due to some first time home buyer incentives we would not qualify for had we done a joint application. We are not married yet. Can we do an act of donation now, or do we need to wait until after we are married? Any help would be greatly appreciated/

A person may always do a gift to another. But, there will be gift tax and, perhaps, mortgage issues. While I'd have to do some research to be sure, most gifting regarding FTHB is with husband and wife. I am uncertain if a gift to an unrelated party would trigger the payback if done before 36 months.

What's the rush?

 

[OHRoadwarrior]

If the home is mortgaged, she likely cannot convey any interest without permission of the lender.

 

[FlyingRon]

Once you get married the conveyance won't be an issue. The real sticky issue is what happens if you break up prior to the marriage. You can kiss that share of the house good-bye.

 

[colourfastt]

Once you get married the conveyance won't be an issue. The real sticky issue is what happens if you break up prior to the marriage. You can kiss that share of the house good-bye.

Not necessarily true; Louisiana is a community property state and if the corporeal immovable is donated to the spouse it transmutes from being held in indivision to held in community. So in case of divorce, it would be split as a community acquet. This presupposes that there is not a matrimonial agreement.

To the OP: an informal chat with a good notary or attorney would answer most of your questions.

 

[Zigner]

Not necessarily true; Louisiana is a community property state and if the corporeal immovable is donated to the spouse it transmutes from being held in indivision to held in community. So in case of divorce, it would be split as a community acquet. This presupposes that there is not a matrimonial agreement.

To the OP: an informal chat with a good notary or attorney would answer most of your questions.

Perhaps you should read the post you replied to.

 

[anteater]

Perhaps you should read the post you replied to.

But them sure was some purdy sounding words.

 

[FlyingRon]

Not necessarily true; Louisiana is a community property state and if the corporeal immovable is donated to the spouse it transmutes from being held in indivision to held in community. So in case of divorce, it would be split as a community acquet. This presupposes that there is not a matrimonial agreement.

If you would read it again, it says if they break up BEFORE they get married. There's no community property without marriage.

 

[latigo]

If the home is mortgaged, she likely cannot convey any interest without permission of the lender.

Are you saying that it is a matter of discretion on the part of the mortgage holder as to whether or not the mortgagor can transfer ownership?

Is it a question of the terms of the loan agreement? A matter of law?

If it is just a probability that that the mortgagee’s permission is needed, is it more likely or less likely that it will be granted?

Would this likely stuff also affect the authority and functions of a Trustee in Bankruptcy? Those of the personal representative of a deceased mortgagor’s estate? The IRS? A county sheriff charged with selling the property under a writ of execution, an order of partition, etc., etc.?

Perhaps we shouldn’t leave the OP sitting with you on the fence. It can’t be very comfortable.

 

[TheGeekess]

Not necessarily true; Louisiana is a community property state and if the corporeal immovable is donated to the spouse it transmutes from being held in indivision to held in community. So in case of divorce, it would be split as a community acquet. This presupposes that there is not a matrimonial agreement.

To the OP: an informal chat with a good notary or attorney would answer most of your questions.

Will get you what? Notaries aren't necessarily cognizant of the law.