How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Infolawyer Your Own Question
Infolawyer
Infolawyer, Attorney
Category: Business Law
Satisfied Customers: 57738
Experience:  Experienced lawyer
11313492
Type Your Business Law Question Here...
Infolawyer is online now
A new question is answered every 9 seconds

What are the possible disadvantages for a couple to buy a

This answer was rated:

What are the possible disadvantages for a couple to buy a home in Louisiana BEFORE getting married? Each putting up 50% of the down payment. What does Louisiana law about how it should be titled with joint buyers?

Hello and welcome. I am working on your answer and will be right back!

should the couple divorce, the purchase is considered pre marital and each would be entitled to 50 percent. If purchased during marriage the spouse with less funds may recover more. To the extent any costs relating to the purchase, mortgage will be taken as a tax deduction, filing jointly tends to have an advantage as a married couple.

Please let me know if the reply is acceptable by responding "yes" or "acceptable"
Customer: replied 1 month ago.
If before the marriage does the mortgager report the interest to only one?
Does Louisiana law require the home to be titled as tenants in common, rights of survivorship, etc. if before marriage?

Reports to both, but may get a better benefit filing jointly married, and can adjust once married.

If before marriage tenants in common, can then adjust

Customer: replied 1 month ago.
Adjust with the mortgage company?

adjust as far as filing jointly and retitle with right of survivorship on being married.

Good luck!

Please let me know if the reply is acceptable by responding "yes" or "acceptable"
Customer: replied 1 month ago.
If it's not retitled what happens to ownership if one dies?

The law would recognize the survivorship where married when one passed, but always better to have the title cleaned up.

Kindly rate my answers 5 stars.

Customer: replied 1 month ago.
I'm trying to figure out why a real estate attorney getting married wants to close a week before the wedding with no plans to
retitle it.

Perhaps to protect the 50 percent as a pre marital asset in case of divorce.

Customer: replied 1 month ago.
How does that differ from the outcome of buying after marriage?
After marriage one spouse could try to claim more than 50 percent in divorce.Please let me know if the reply is acceptable by responding "yes" or "acceptable"
Infolawyer and other Business Law Specialists are ready to help you