Posted on: 07th Nov, 2009 09:20 am
My wife and I own 2 properties in Michigan. I lost my job but I can find employment in the county of our 2nd home. Thus I would like to separate the properties title ownership for primary resident tax purposes. With that said my wife will continue to stay in our current primary home for the next 5 years until she reaches her retirement with her employment and I will reside in our 2nd home as primary residence. I also would like to at the same time add my 2 children to the both deeds as survivorship. What would be the best way to handle this?
You and your wife can sign quitclaim deeds in favor of each other and transfer the property. Thus, you and your wife would separately own the properties. Then you can contact an attorney and get a deed drafted for joint tenancy with right to survivorship for your children. Once the deed is singed, it needs to be recorded at the county recorder's office.