What are a spouse’s rights to ownership of propertyif the other spouse purchased it before marriage?
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What are a spouse’s rights to ownership of propertyif the other spouse purchased it before marriage?
My boyfriend has put a down payment on a house and it is being built. He will be closing on it in about 2 months. My plan is to relocate to and reside with him in the home. He has applied for the mortgage under his name alone. If I am not on the mortgage, can I be on the deed as a co-owner? Would this require me to sign paperwork? Would this affect my taxes? Both before and after we are married, if one of us dies and we are both on the deed, does the property automatically go to the surviving partner?
Asked on April 10, 2011 under Real Estate Law, Texas
Answers:
MD, Member, California Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Your issue is quite common and unfortunately is wrought with issues. First, if the mortgage loan is in his name alone, then he alone is responsible for the loan, though sometimes mortgage companies are getting hip to some things that occur after the loan is closed. For example, if he winds up quit claiming the property so you both become joint owners with rights of survivorship, then it may wind up accelerating the loan so it becomes due immediately. You may be able to refinance the property so then the new loan is in both of your names. When you get married, then the property is still listed as joint tenants with rights of survivorship and then of course, if in case of divorce you are assured the property will be split between the two of you.
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