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.
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.