Living in spouse's property

[Guava12]

What is the name of your state? Florida

Does living together in a home transmute it?

I am currently single with no children and own my home outright. I hate thinking about divorce and hope it never happens to me but as both my parents and my boyfriend's parents divorced multiple times I can't help but worry about the worst case scenario.

If I were to marry and live in my home with my spouse for 1 to 2 years until we purchase a home of our own would he have a right to the home should we get divorced during the time we lived there or after? I would be filing for homestead exemption during those 1 to 2 years. Is that a bad idea? Is there a way to protect the home from both creditors and spouse seeking divorce in Florida? Would a prenup allow him to give up all interest in that home even if we lived there? What if there's an economic downturn and we end up living there with a child for longer than 2 years?

 

[LdiJ]

What is the name of your state? Florida

Does living together in a home transmute it?

I am currently single with no children and own my home outright. I hate thinking about divorce and hope it never happens to me but as both my parents and my boyfriend's parents divorced multiple times I can't help but worry about the worst case scenario.

If I were to marry and live in my home with my spouse for 1 to 2 years until we purchase a home of our own would he have a right to the home should we get divorced during the time we lived there or after? I would be filing for homestead exemption during those 1 to 2 years. Is that a bad idea? Is there a way to protect the home from both creditors and spouse seeking divorce in Florida? Would a prenup allow him to give up all interest in that home even if we lived there? What if there's an economic downturn and we end up living there with a child for longer than 2 years?

If marital funds (income from your regular jobs) are used to pay a mortgage or maintain the home then any appreciation of the home would be considered to be marital property. The value of the home as of the date of your marriage would remain separate property. However, if you invest the money from the sale of your home, into a new home owned by the both of you, then you will have comingled those funds and they will no longer be separate property.

 

[adjusterjack]

would he have a right to the home

No, not to the home as long as only your name is on the deed. Ownership is ownership. That doesn't change. What does change is he will accrue a marital interest in the equity that builds up during the marriage.

I would be filing for homestead exemption during those 1 to 2 years. Is that a bad idea?

It's not a bad idea but it wouldn't prevent his claim on the equity. You would have to cash him out for his interest, or provide an offset of some sort.

Is there a way to protect the home from both creditors and spouse seeking divorce in Florida?

From creditors, yes. The homestead is protected by law. Florida statutes 222.01, .02, .03, .05 and the FL constitution 10-4.

From spouse, no.

Would a prenup allow him to give up all interest in that home even if we lived there?

Yes. Prenups are valid and enforceable.

What if there's an economic downturn and we end up living there with a child for longer than 2 years?

I'm not clairvoyant. Can't help you with that.