Newly Married - Advice Needed

[SBDH4U]

What is the name of your state? California

I recently got married. My husband is the most wonderful man and we love each other very much. He is older than me and has three grown kids from the first marriage. I am younger than him and don't have any kids (I was married one time when was very young - got a divorce 10 years ago). He left everything (except for the pension) to his ex-wife and he really doesn't have any assets. But he makes a lot of money (4-5 times more than I do), and we live in a really nice house. My name is not on the title of the house (he purchased it before we met), but he told me yesterday that he wants to add my name to the title. I won't be able to afford to pay the mortgage for this house on my own and that is what worries me. We both want to have a family, and hope to have a child next year. My husband is in good health, but you never know what can happen and he is the main provider. I am not a gold digger, and I really married him out of love - I just want to make sure I won't be kicked on the streets with nothing if God forbid something were to happen with my husband.

Question #1: Will I, as his legal wife, be liable for all of my husband's debts, including mortgage, if he were to die? Is it better for me not to be on the title?

Question #2: Does anyone know what is the rule in California on beneficiares for life insurance? Does it have to be your spouse, or must the spouse sign some papers if you want to name someone else other than your spouse? The reason I am asking this question is because I know that two years ago (when he got the life insurance policy and before we met) he named his ex-wife as the beneficiary on the life insurance policy. I am not sure if he intends to change it. I am fine with it (they lived together many years and raised three kids), but I don't want to be left without a home when his ex gets the amount of money that will allow her to buy three more houses (she lives in Alabama - you can imagine the difference in real estate between CA and AL).

Once again, I want to emphasize that I am not looking for money, I am just trying to protect myself.

Any suggestions will be greatly appreciated. Thanks in advance.

 

[ALawyer]

Your husband's prior divorce settlement may require him to maintain a lfe insurance policy in favor of his prior wife and/or kids. If not, he can always add you and any children you have as beneficiaries.

AND if his health is decent he can always buy an additional policy -- and 10 or 20 year term life would be relatively inexpensive. Clearly, if you have kids, you'd need more insurance to protect them and your ability to care for them.

AS FAR A PUTTING YOUR NAME ON THE HOUSE, putting it in a living trust with you as a beneficiary would do the job. And it would not give you rights to the house if YOU were to get divorced.

 

[FirstChance]

Depends on a few things

As far as the house goes it depends on what it is worth and what your estate may be worth. Putting the house into a Trust can solve a lot of problems, but there are some tax issues associated with placing the house into the trust. there may not be any taxs issues with simply adding you to the deed, but there would not be any of protection involved with having a trust.

as for the insurance, if your husband gets insurance through work, in California, he would need you to sign a form granting him permission to have someone other then you as the benificary. if the insurance is private, bought by him directly through an insurance company, he can designate the benificary as anyone he wants.

your issue seems a little complicated for this forum, you should call an insurance agent, if you have one.