Posted on: 17th Jul, 2008 12:57 pm
My mother holds cd account with the money I want to use as a down payment. She will not release me the money unless she knows my portion of the house is safe. My husband will be on the mortgage but both of us will be on the title. Is that enough to secure my part of the house in the event of a divorse or death? We live in Ohio which I believe is a no fault divorce clause where each party gets 50% regardless the reason for divorce...HELP.
Hi Jennifer,
Yes, as long as your name is on the title, you are half owner. It doesn't matter as much who is on the mortgage, it is who is on the title.
Yes, as long as your name is on the title, you are half owner. It doesn't matter as much who is on the mortgage, it is who is on the title.
There are different ways of holding title but the most common for maried is joint tenants. This means that upon death ownership passes to the other.
Hopefully it will not be difficult finding a lender that will allow you to be on title and not on mortgage.
Good Luck
Brian
Hopefully it will not be difficult finding a lender that will allow you to be on title and not on mortgage.
Good Luck
Brian
Read about Dower Rights in state law.
In purchasing a home you are on the right track by thinking about protecting yourself incase of a divorce.
Questions about the ownership of the home must be thought of in financial terms, rather than simply in emotional terms. Often women want to gain full ownership of their home, but doing so often leads to their financial peril. From mortgage payments, to gains' taxes, the owner of the home bears a heavy burden. Couples can consider maintaining joint ownership of the home, which often has tax benefits. If the home remains in both partners' names, when they eventually do sell the house, they might be able to shelter $500,000 of gain from taxes, rather than the $250,000 that a single owner can shelter.
Hope this help and good luck
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Questions about the ownership of the home must be thought of in financial terms, rather than simply in emotional terms. Often women want to gain full ownership of their home, but doing so often leads to their financial peril. From mortgage payments, to gains' taxes, the owner of the home bears a heavy burden. Couples can consider maintaining joint ownership of the home, which often has tax benefits. If the home remains in both partners' names, when they eventually do sell the house, they might be able to shelter $500,000 of gain from taxes, rather than the $250,000 that a single owner can shelter.
Hope this help and good luck
Jeanette Smith
Mortgage Planner
Union Mortgage Group
Hi greenejennifers and welcome to forum,
The previous posters gave you some excellent advice. Do not be concerned if you are on title you own 50% of the home.
Best of luck! :D
The previous posters gave you some excellent advice. Do not be concerned if you are on title you own 50% of the home.
Best of luck! :D
