Title on property

[jbkirby1]

My 2nd wife and I own a house together as "joint tenants". We have no children together, but I have two from 1st marriage, both adults now and living on their own (both unmarried).

We would like to create a living trust to include the house so that if I pass away before her, then my children will receive 50% of the equity in the house, the other 50% will go to her. If she passes before me, then her 50% will come to me.

Her lawyer says we should change house title to be "community property" so as to allow it to be put into trust. Is this correct?
jbkirby1

[abomiabange]

I am not divorced yet and plan on not continuing this divorce due to my lawyer not having my best interest in mind along wit the fact i do not have anymore money to get a new lawyer. If i continue this divorce i will end up paying thousands to him along with 9000.00 for my lawyers new bill...and i walk away with nothing. So my question is if i buy a home and put another person on the title with me can he still claim half of the property even if it is not my sole property and someone else is n the title/deed to this new home? It will not be purchased with marital money in any way shape of form.

[NVRWED]

Income or expenses that you have after date of seperation is usually considered "seperate property". But if you wish to purchase a new home prior to the dissolution is final, then please follow my advice so you won't have entitlement and/or dissolution issues in the future:
1. Be ready to provide documentary evidence to show the resources you used in paying the down payment and closing costs.
2. Ensure the Title for which you would hold ownership, i.e. both the Grant Deed and the Trust Deed, as "John Doe, a Married Man, as his sole and seperate property".
3. Be prepared for the lender and/or the title insurance company to require that you obtain your STBE's signature on a quitclaim deed. They don't always ask for it but if so, it would be listed on the "escrow closing statement" whereas you would default the sales agreement if your STBE refused to sign, therefore cancelling your purchase.

If you put the new home into someone else's name it could raise suspicision that you're hiding assets or purjured on your Declaration of Disclosure. I'm no Lawyer, but I've read ALOT over the last three years.

[mischastar]

This is some good advice. It can become very difficult to prove to a court that you are not hiding assets and if they feel you are then it usually results in those assets being taken into account and possible taken from you. Signed and dated documents containing full explanations can help in a court , to ensure that you obtain this property as seperate from your joint assets. Please be aware I am not a legal advisor, this is just what I have found in my experiences.