"What are the complications?" There are many.
If the house it to be yours, then it should just be yours. How will you be able to refinance it or draw a line of credit if his name is on title.
What if he gets sued and loses. Then YOUR house could be executed against to satisfy HIS debt.
What if he doesn't pay taxes. The IRS will put a lien on your house.
What if he gets busted for dealing drugs. (OK, I know that's farfetched, but it could happen and you'd lose your house.)
What if the house increases in value. Later, he'll want "his share" of the increased value, most likely, although he won't deserve it.
You are MUCH better off clearing title to these properties altogether, NOW, while the issue is before the court.
Frankly, you're in over your head. Hire an attorney to help you navigate these rocky waters. Many attorneys are good at settling out of court.
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You will want to review whatever agreement you have with an experienced family law attorney prior to signing anything. They can discuss the pros and cons of your agreement and warn you of any problems or potential problems.
Michael Schwerin, San Jose, California phone: 408-295-4232 email: email@example.com. Consultation fees, rates and retainers vary based on need and ability to pay.
The ramifications are based upon how the names are placed on title. But if you place his name on a title, then you are admitting that he has an ownership interest in the house. If you believe that you will be awarded the full value of the house, then why agree to less? Set the matter for trial.
Mr.Yomtov has given you a very clear articulation of reality. Take a look at the movies The War of the Roses and Sleeping with the Enemy. Your listening for advice from the enemy. You are not going to do too well. It sounds as if his thoughts are misplaced and you are going to be entirely taken advantage of. Don’t walk but run to a- competent experienced family law lawyer and let a professional handle this mess.
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You need a lawyer that understands finances and can help you to resolve the issue out of the courts without complications. Some of us in avvo like me we specialize in those kind of situations. Give us a call
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I agree with Mr. Yomtov as well and I usually recommend against a property being held jointly by the Parties after divorce. Furthermore there may be tax implications that your Husband has not considered (for example you may not both qualify for the joint capital gains exclusion since he would not be residing in the residence for a requisite number of years after the divorce).
However under limited situations, Parties can agree to continue to maintain joint ownership, but an agreement for doing so has to be drafted very carefully with time limitations and a way out should one of you want to sell the property. I would suggest that before you further consider your Husband's proposal you first consult with a skilled family law specialist and a CPA (or tax attorney) about possible tax ramifications of such a deal.
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