The Conservative Cave
Current Events => The DUmpster => Topic started by: franksolich on May 17, 2012, 08:21:05 PM
-
http://www.democraticunderground.com/112189
Oh my,
CountAllVotes (10,865 posts) Profile Journal Send DU Mail Ignore
Title on house
I thought I'd ask here first as I don't really have the money (nor real need) for a lawyer.
A friend of mine called me up and began telling me that I needed to have the title on the house I own changed at once from "Joint Tenancy" to "Community Property". I/we own this house title clear.
I've done some research on this and if you are living in a McMansion in California it might be a good idea to switch the title to Community Property, but I'm not sure.
However, I live in very small house that is quickly declining in value (from a high of over $300,000 to about $200,000 now).
Being the initial cost of said house was just less than $100,000.00 I don't see how changing the title on the house from Joint Tenancy to Community Property is my concern.
If my husband dies, the house goes to me and vice-versa.
Any thoughts or knowledge on this issue? Why would I do this?
Any help is greatly appreciated.
elleng (30,749 posts) Profile Journal Send DU Mail Ignore
1. I tend to agree with you, but don't know much at all about 'community property,' how it works in your state, or the relationship between you and your husband, which MIGHT be relevant.
If you are disputatious, it COULD be that he might seek full ownership in case of divorce, and thus might to prove that his contribution has been more than yours. If the house were held as 'community property,' the court shouldn't have any issue with any such claim he might make. However, as to joint tenancy, 'the individuals, who are called joint tenants, share equal ownership of the property and have the equal, undivided right to keep or dispose of the property.'
This is NOT a final legal conclusion on your question, just off the 'top of my head.'
^^^the elleng primitive's an attorney, once married to another attorney.
They went through a nasty, ball-slugging divorce a few years ago.
Just before the divorce went through, her attorney husband presented the attorney elleng with some legal papers to sign. She signed them without reading them (really; I kid you not).
Guess which one ended up with all their real-estate.....
CountAllVotes (10,865 posts) Profile Journal Send DU Mail Ignore
2. thank you
My husband is 20 years older than I am and we have no plans to divorce (have been together for over 30 years). We both have serious health problems.
We have no debt however which is good.
As for the house, it has been a joint effort for the most part.
The person that told me to do this has a lot of debt and refinanced her house during the peak of the housing bubble. She owes more on her house than it is worth. I don't feel at all sorry for her as she and her husband are bringing in three incomes.
These are two entirely different situations. I read that that first $250,000.00 plus 1/2 the cost of the house is written off in the case of necessity to pay taxes at some point in time. California is a community property state but when I checked with the office that handles deeds/titles, they saw no reason to do this whatsoever.
Worst case scenario would be that one of us would pass on and even if some sort of taxes were involved, it wouldn't be a lot being we have a very low income.
-
Houses in California are titled? That's interesting.
Mobile homes are titled, but once you permanantely afix them to the property, you retire the title and it becomes real property with a Warranty Deed in the name of the owner(s).
Usually if a state is a community property state, then laws pertaining to community property automatically apply. I would think that would also be the case in California, even if the married couple in question started out as Joint Tenancy.
.
-
You may laugh at someone stupid enough to consult at the DUmp for estate planning, but first consider the extent of a DUmpmonkey's estate.