I have been paying mortgage for several years. Is the property money going to be split into half if there is a divorce? Why is it so easy to add somebody's name on the deed? I am the only name on the bank loan for the house.
Proceed with caution. Your bank loan documents probably state that you may not deed away any interest in the house to another party, or the bank may accelerate the loan.
The reason it's easy to "add somebody's name on the deed" is that . . . well, that's not actually what you're doing. A deed is not like a car title, which shows record ownership of the property. A deed is only a document that memorializes a conveyance. It's "easy" to make a deed because by so doing you are merely showing that you are conveying an interest (usually a 1/2 interest) in the property to your husband. You're not putting him "on" some certificate of title.
Generally speaking, deeding your property over to your husband would not affect your rights in a divorce action, which involves an equitable division of all marital property. But, as stated above, I recommend not doing it. If your mortgage company finds out, there could be trouble. Speak with an experienced lawyer if you need more guidance.
No attorney-client relationship or privilege is formed by this communication. This answer is to be considered as a general discussion of legal principals and is NOT LEGAL ADVICE. If the asker seeks specific legal advice, he should retain an attorney, who will naturally take the time to consider all aspects of the case and perform any necessary legal research.
Even absent adding your husband's name to the deed, he may still have a claim to the property in a divorce if you two have been making payments on the property since the marriage.
It isn't so easy to transfer an interest in real estate - it is a CHOICE. If you make the choice, why should it be more difficult (notwithstanding issue like loan rules, divorce, etc)?
If you are concerned about your husband gaining "title" to your property, then you have other options outside of strict real estate law to help effectuate both your wishes and his. For example, it is possible for you and your husband to enter into a postnuptual agreement that can outline how the property is divided in the event of divorce without having to change title ownership now - which, as has been stated, can be sticky with mortgaged property. It is also important that you plan for your death, as your husband will be entitled to share in your estate based on intestacy laws if you should die without a will or other planning mechanisms in place.
I provide this information as a courtesy. The provision of this information does not create an attorney-client relationship nor does it create an attorney-client privilege. This information is not legal advice and is not an attorney advertisement. Any information provided should be carefully reviewed by an attorney licensed in your state and intimately familiar with your circumstances.
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