How do I add my fiance to the house title? - Posted by Frank

Posted by Charles on April 01, 2000 at 18:44:44:

Before you do anything so rash, GET A SIGNED PRE-NUPITAL AGREEMENT! This isn’t romantic, but neither is a divorce where your former fiance tries to take everything you had before you even met, including your home. Believe me, I know.

How do I add my fiance to the house title? - Posted by Frank

Posted by Frank on April 01, 2000 at 14:48:01:

I’m getting married later this year and would like to add my fiance’s name to the title of the house we live in - I bought it under my name before I knew her. Anyone know what the procedure for this is and how difficult/expensive this will be?

Why do you want to do this? - Posted by David

Posted by David on April 01, 2000 at 20:54:41:

If this were the tragedy of her death before your marriage, her Uncle Louie from Toledo could then own half your hosue and force you to sell.
If for some reason you don’t get married. It does happen. I know somebody engaged to be married who called off the wedding the night before!
There are tax consequences for changing the deed as well as FNMA/FHMA mortgage count. For mortgages sold on the secondary market you can only have 4. If you and wife are together on deeds you only get 4, but if you own property separately then you can get 8 mortgages. whatever.

Re: How do I add my fiance to the house title? - Posted by Dave T

Posted by Dave T on April 01, 2000 at 20:40:54:

Just prepare a NO-CONSIDERATION DEED transferring title from your name to the both of you as co-owners. Record the deed and it’s done.

Before you take this step, however, I strongly suggest that you wait until you are married. If you add your fiancee to the title now, she will have a half interest in your house even if your marriage plans change at the last minute. What if your fiancee has a tragic accident that leaves her in a persistent vegetative state. Now, a conservator, acting on her behalf could force the sale of the house and use her half of the proceeds to help pay medical expenses.

Also, you should consider the capital gains issues. If you as a single taxpayer have owned and occupied your house as your principal residence for at least two years, you can sell and take advantage of the capital gains exclusion at any time. If you transfer a half-interest to your fiancee now, the two of you as a couple start a brand new two year clock when she begins occupancy. It will be two more years before the capital gains exclusion is available to you. If there is a chance that you would want to sell before your second wedding anniversary, it is better to leave title in your name alone and buy your next home as joint owners.