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Ely
Ely, Counselor at Law
Category: Estate Law
Satisfied Customers: 100053
Experience:  Fully licensed attorney in Texas in private practice.
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My husband and I own a house together and recently had an addition

Customer Question

My husband and I own a house together and recently had an addition put on the house. I funded our entire down payment with $40,000 I received from a legal settlement for lifetime impacting injuries I incurred in a car accident I was in with a drunk driver who fled the scene of the accident. It is my understanding that in Texas this is separate property and the equal amount of our home value is entirely mine rather than shared with my husband. Our house has appreciated significantly and more than the cost of the addition we added, remodeling, etc. Am I correct? If I am, can I transfer this equal value of the home to my son, currently a minor if I die regardless of whether my husband and I separate or divorce before my son reaches 18 if I die before then? Can my parents share the title of the home with my husband or in the future possibly ex husband for the purpose of guaranteeing my beneficiary desires be fulfilled? Same question for inherited money paying for our addition?
Submitted: 1 year ago via LawDepot.
Category: Estate Law
Expert:  Ely replied 1 year ago.
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I am going to assume that both of your names are ***** ***** title. Please let me know if this is not true.
It is my understanding that in Texas this is separate property and the equal amount of our home value is entirely mine rather than shared with my husband.
No, incorrect. The property remains community property. While the money from a settlement is separate (with the exception of the party that is for lost wages), once the money is put towards a community asset, then it simply becomes part of that community property.
If you were to divorce, then the Court CAN grant you an additional equalizing payment from community property for the money invested into the community assets that benefited both of you. But that is about it.
If I am, can I transfer this equal value of the home to my son, currently a minor if I die regardless of whether my husband and I separate or divorce before my son reaches 18 if I die before then?
No. Only in a divorce does this become an issue. Otherwise, the property stays community property, and there is no way to "split off part of this" to give to your child.
Can my parents share the title of the home with my husband or in the future possibly ex husband for the purpose of guaranteeing my beneficiary desires be fulfilled?
If you are on the title, then you can ADD your parents to the title - yes. However, he may have to agree, and if there is a mortgage, it gets even more complicated.
Same question for inherited money paying for our addition?
The same answer applies.
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