If I put my wife on the house title much will she get if we ever divorce?
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If I put my wife on the house title much will she get if we ever divorce?
I have a house, purchased prior to marriage, paid in full. My wife feels like she has no security, and I tend to partially agree. The problem is that I have 2 older children, and If I die I want them to have a portion. She doesn’t like my daughter. Also if we were to divorce soon how much would I lose. Current Value Approx $600K. Is the amount she gets on the house if sold based on time or just a percent. Can I limit amount based on time frame?
Asked on August 3, 2011 New York
Answers:
J.V., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Good afternoon,
Thanks for posting to our site. To get right to your question this is something very complex which I would suggest pursuing more in depth with an attorney.
Essentially you can put in your Will that you want a certain percentage of ownership to go to your wife and children. However if the house is in her name it transfers upon death to the remaining spouse, a problem for you. In addition if you divorce there is no guarantee how it will work out.
You cannot put her on the deed partially it is all or nothing. A court will take all factors into consideration. If you divorce in a year she wont get much if anything if it is in 20 years it will be a different story, but again divorce is never cut and dry
I would suggest thinking very hard because if there are issues with the children and your wife you may want to reconsider. Maybe form a trust for her or start an account to crate a security. I would suggest a thorough meeting with an attorney to weigh all your options in depth
Good luck
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