How to take title

[justSara]

What is the name of your state? CA We bought a new home for our son 7 years ago and put $40,000 down and he moved in. He has taken very good care of the home and married about 4 years ago. He has been responsible for everything on the house. He is now going to get a new loan and wants to add his lovely wife to the deed. Since the house has gone up almost $500,000. I have some concerns. I want to make sure that when we add her, that it now becomes 2/3 my husband and myself and son and his wife 1/3 with all of us as joint tenants (not 25% each). Will that work and how do we handle it. Our plan is that when we are dead, its his but should he get divorced in a few years....One 1/2 of his third is plenty I think. Since they have been married, they took out an equity loan of $50,000.....to pay some bills....so don't think we are stingy.

 

[seniorjudge]

What is the name of your state? CA We bought a new home for our son 7 years ago and put $40,000 down and he moved in. He has taken very good care of the home and married about 4 years ago. He has been responsible for everything on the house. He is now going to get a new loan and wants to add his lovely wife to the deed. Since the house has gone up almost $500,000. I have some concerns. I want to make sure that when we add her, that it now becomes 2/3 my husband and myself and son and his wife 1/3 with all of us as joint tenants (not 25% each). Will that work and how do we handle it. Our plan is that when we are dead, its his but should he get divorced in a few years....One 1/2 of his third is plenty I think. Since they have been married, they took out an equity loan of $50,000.....to pay some bills....so don't think we are stingy.

You are wise to ask these questions beforehand.

Now would be a good time for you and your husband to hire a good estate planning attorney. There are several ways you can do what you want. Taxes, as always, are an important consideration, so get a tax CPA or tax lawyer.

These assets are too valuable not to do it right the first time.

 

[HomeGuru]

I agree and agree to the not stinginess of the writer.

 

[travlinlady23]

house

They have given good advice, but...to protect your son, keep deed in your name and his...if she gets mad..she gets mad...it is yours not hers..in divorce "greed", is the only word that will occur..now if you have grandchildren by both..put their name on deed..that way at least you done your best to the grandchildren...I have two children, married, bought homes for them and NEITHER SPOUSE is on deed and never will be..be up front. with them.....p.s. I get along real good with thier spouses...

 

[seniorjudge]

"...I have two children, married, bought homes for them and NEITHER SPOUSE is on deed and never will be..."

Yes, there are two situations where the spouse might wind up on the deed:

Divorce (divorce court awards the land to the spouse who is not your child) and death of one of your children (probate court awards the land to the spouse who is not your child).