Re: keeping family home safe if kids divorce - Posted by JohnBoy
Posted by JohnBoy on July 06, 2003 at 09:50:56:
It also depends on the laws pertaining to marital property in your state.
For an example, our state is not a community property state.
A cousin of mine purchased a home before he got he married. The home and the mortgage was in his name only. Later, after he was married, he refinanced the house and his wife was added to the deed and the new mortgage. They later divorced and she got the house. But under our state law, had he never refinanced, where the home would have remained in his name, where he had purchased it prior to the marriage, he would have been able to keep the home and she would have not be able to get anything pertaining to the house. But since they did refinance the house after they were married, and she was added on the deed and on the new mortgage, she was able to get the house in the divorce.
You need to sit down with a qualified attorney to determine the best way to set this up in order to avoid any potential problems later.