Thank you for your question. I will do my best to assist you with your concerns. If you would like me to clarify my answer, I will be happy to do so.
Please permit me to respond to each of your concerns in order.
If you are purchasing the second property, you cannot homestead both. Only ONE property at a time can be 'homesteaded' because that is considered to be the property where you reside as a family unit. Two properties under 'homestead' would be considered tax fraud and could open you and your spouse up to fines, back-taxes, and even criminal charges.
The advantage of one name may be for purposes of asset distribution later. There is no law that requires that both spouses be on title, but your spouse would have to sign a post-nuptial agreement and a waiver under which he would give up all present and future rights to the property if you are listed solely on title. I do not see the benefit to him if he does that.
Kindly remember to only rate my answer when you are fully satisfied. If you feel the need to rate my service as either "Bad" or "Poor”, please stop and reply to me via the CONTINUE CONVERSATION button with whatever issue or clarification you may need. I will be happy to continue further and assist you until I was able to explain your concern to your satisfaction.
Please be aware that if you give any rating below 3 stars then I will not be compensated in any way for helping you today. Good luck to you!
11. My spouse and I each own and occupy
separate homes. We file our Federal and State
tax returns as married filing separately. May we
each claim our home?
Yes. Spouses who maintain separate principal
residences may each claim his or her principal
residence unless they file a joint Federal and State
income tax return.
I just read your reply Demitry:
We are able to live separately but continue to file married filing jointly. As far as I know that is very legal as there is no "legal separation" in Texas.
I truly hope this information is helpful but please do not rate until you are satisfied. If you want to click on 1 or 2 just click on the continue to work with me button instead. You will then be able to add any other info or respond to what I have posted so far. Rating 3-5 gives me credit and a good rating but you can still converse with me."