Post # 1
Before my fiance and I met, we had both found ourselves in our early 30s deciding we were down with being single. So we bought houses… right before the poop hit the fan. As luck would have it (or Murphy and his laws) the economy crashed, we met, fell in love, and needed to lose a house. Since I would lose less selling mine, we listed it and moved into his. No one even looked at it and we couldn’t just let it sit there so it’s being rented (thank goodness). I do plan to change my name after the wedding and I know I will need to change it on my deed, but should I add my fiance? Should my name go on the deed to his/our house? Do we just make up wills and that should cover it? We want to avoid each of us having two mortgages on our credit reports and don’t plan to add names to mortgages… unless we have to for some reason. I didn’t even think about that. Any advice or experience is appreciated! Thanks!
Post # 3
Hmm, we rent. But with the vehicles, we are going to list both names. If he listed me name on his deed, I’d be willing to list him on my deed because I just think thats fair. But that is just me. 🙂
ETA: Oh, I didn’t think about what mortgages would do to credit reports. Don’t do it if it will affect either of you negatively. Not worth the strain on your credit.
Post # 4
This won’t sound very romantic, but I learned from a failed marriage. I owned my own home and he did not. I never put him on the deed ( was listed “my name, a single woman” when I bought it). During the divorce, it turned out that he was entitled to half regardless of deed, and regardless of the fact that he did not contribute to mortgage payments because I never changed it to “my name, a married woman.” I guess by default, the marriage entitled him to half unless I specifically changed the title to exclude him (This is a California thing). Even though he never paid for the mortgage, MY INCOME was considered “joint income” so technically, in the eyes of Ca law, he paid in the form of joint income.
I was told over and over to get a prenup, but blew it off, thinking prenups were only for the wealthy. Now I tell people until I’m blue in the face that a prenup is a MUST if you have ANY assets you want to protect. There are a TON of different ways to split property/real estate profit, so the two of you should sit down and talk to an attorney–he/she would know best how to make sure everyone’s protected.
Even if you decide to keep the deeds exactly as they are, there could be a state-specific law that affects who owns/profits anyway.
Post # 5
@Okle Maluna – Thanks. Hadn’t thought about that. I was honestly just thinking that if I get hit by a bus or he gets hit by a bus I don’t want our home or my property to end up in probate. The bus thing is probably equally less romantic!
Post # 6
I guess it just depends on what you want to do! 🙂
My husband and I bought our house when we were engaged. Our deed is a survivorship deed which basically means that if one of outlives the other we will have full ownerhsip of the house. This made sense because we both contribute to the mortgage.
It may be worthwhile to talk to your loan officer or real estate agent that you used in the past to see what they think!
Post # 7
My husband owned our house before I came along. We didn’t put my name on there. We wanted to, but then we learned that if anything happens b/c we’re married I’m still entitled to half.