Posted on: 15th Jun, 2009 10:56 am
Mother-in-law passed away. When transferring a homeowners title to a family member is it best to have it only in the married daughters name or can the husband's name also be on the title. Or does it make any difference?
Hi There,
You didn't mention it but if you live in a community property state, you will both be entitled to ownership. If so, a good idea may be to take title as John Doe and Jane Doe, husband and wife, as community property. This adds the protection of one spouse not selling without other spouse's permission and may afford some extra protection from debt collection actions against one spouse from spilling over to this asset.
Hope this information helps.
You didn't mention it but if you live in a community property state, you will both be entitled to ownership. If so, a good idea may be to take title as John Doe and Jane Doe, husband and wife, as community property. This adds the protection of one spouse not selling without other spouse's permission and may afford some extra protection from debt collection actions against one spouse from spilling over to this asset.
Hope this information helps.