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Under California law, assets (including a home) purchased during the marriage are considered marital property, regardless of who pays for them. Should you divorce, you would be entitled to half of the value of the home (less of course, whatever is owed on the mortgage, if anything).He could also state that you inherit the home following your passing per the terms of his trust or a Last Will and Testament. Typically, spouses leave everything to one another first upon their death. You wouldn't need to sign that as a potential beneficiary -only he would, as the person making the legal document.Please kindly remember to leave a positive rating for me by clicking on the stars at the top of the page, as that is the only way I am paid for my time, even though you may have already paid a deposit to the site. Follow-up questions asked in this thread do not cost anything additional after leaving a positive rating. Thank you!If you need clarification about my answer or additional information, please use the SEND or REPLY button to continue our conversation. Your satisfaction is my goal and I am here to help!
I want to make sure I understand -you bought the home during your marriage, but then he had you sign a quit claim deed to him? "If so, why did you have to do that?
He could easily add you back to the deed by executing a quit claim deed giving you an interest in the property. That said, you quit claiming your interest isn't likely to change anything in the event of a divorce.A quitclaim deed can change ownership to satisfy a lender if you want to refinance your marital home in just one name (which is what it sounds like you did), but if you end up divorcing, the deed probably will not impress the court. Judges in community property states will most likely still consider the property to be marital, owned equally by both of you, regardless of the deed.
I've honestly never seen a trust that is 100 pages long and I've done a lot of estate planning. Most are probably 25 pages or so.To be added back to the property now, he can quit claim you 1/2 interest in the property, just like you quit claimed a share to him. But as I said, if he doesn't, it likely wouldn't make a difference anyway, and a court would likely consider property bought during the marriage marital/community property.A trust is going to deal with what happens when one of you die. Estate planning needs are going to be different for every couple though. It really depends on your specific financial circumstances. Therefore I couldn't possibly adequately tell you what may be best for your needs. You need to BOTH sit down with an estate planning lawyer and talk about what would work best. Most estate planning attorneys would offer you a free or low cost consultation.For many couples, I'd say that a simple Last Will and Testament is all each person would need to distribute their estate. As far as designating someone to make financial decisions for you should you become incapacitated while alive, that doesn't go in a trust -you can use a Power of Attorney to do that.
Yes, I am aware of what the language in a quit claim deed looks like. Doesn't change my earlier answer -if you divorce, a court is likely to still treat the home purchased during the marriage as marital property subject to equal division.
A trust is only going to handle what happens to the property in the event he dies before you. It wouldn't help you if you divorce. I can't tell you what kind of estate planning needs would work best for your financial situation. As I said, you BOTH need to sit down with an estate planning lawyer and discuss that before you sign anything.And yes, lenders sometimes do require that the party getting the loan have full interest in the property on the deed.
So it wasn't bought during the marriage between the two of you? Then it's not considered marital property, and you don't have any right to the home unless added to the deed, or arguably, if you contribute to it -e.g., if you pay the mortgage every month, you could argue you are entitled to at least what you put into it. I was under the impression you bought the home while married to one another.I'm sorry, but I don't really understand what happened between him and the son being added to the deed?Quite honestly, I think you need to take the deed to a lawyer to review and discuss it. However, as I understand it now this home was NOT purchased during your marriage to your husband, therefore it is not marital property. You would have no right to a portion of it in a divorce in this case unless you were added to the deed or paid into the home in which case you could argue you are owed a share.If he wants to leave you the home should he die before you, he can do that.