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Message
Marital property question
Posted on 11/27/12 at 2:56 pm
Posted on 11/27/12 at 2:56 pm
Condensed as much as possible.
My father passed three years and left my sister and I a house at the beach. For tax reasons, we've left it solely in her name all this time.
I've sold other property and resolved my minor tax obligation and am ready to co-deed the property and move into briefly to do a remodel for near term sale.
Coincidentally, I have decided to get engaged and move in my 5 yr off and on gf and her son.
Is there a process here I should follow to protect the property from becoming a marital asset? Or is that not necessary
I'd hate to look like I'm rushing to do the transfer and am mainly protecting the property as an obligation to my sister. shite happens
TIA guys
My father passed three years and left my sister and I a house at the beach. For tax reasons, we've left it solely in her name all this time.
I've sold other property and resolved my minor tax obligation and am ready to co-deed the property and move into briefly to do a remodel for near term sale.
Coincidentally, I have decided to get engaged and move in my 5 yr off and on gf and her son.
Is there a process here I should follow to protect the property from becoming a marital asset? Or is that not necessary
I'd hate to look like I'm rushing to do the transfer and am mainly protecting the property as an obligation to my sister. shite happens
TIA guys
8
Posted on 11/27/12 at 3:29 pm to Chef Leppard
quote:
Is there a process here I should follow to protect the property from becoming a marital asset? Or is that not necessary
Do it before you get married? But any court I believe will have a hard time with this because it was put in your name so far after the death of your father.
Posted on 11/27/12 at 3:34 pm to Chef Leppard
Depends where you live. It's my understanding that some states are community property; i.e., once you get married half of it is hers, period. Complete guess on my part, I am no lawyer. But I have been divorced twice.
Posted on 11/27/12 at 3:44 pm to Broke
That's what I'm wondering. If the court (worst case scenario) would recognize the nuance of the situation as opposed to seeing it on paper that I gave my sister my half and she simply gave it back 3 years later
Wonder even if some sort of promissory note or notarized admission from my sister would be enough to establish it as a pre marital asset
Wonder even if some sort of promissory note or notarized admission from my sister would be enough to establish it as a pre marital asset
Posted on 11/27/12 at 3:58 pm to Chef Leppard
You can probably have your sister deed your half back to you, and in the deed, state that the consideration (price paid) is paid out of your separate funds, and that should be enough for it to be classified as your separate property. You can also probably have your fiance/wife sign the document, acknowledging that "she is claiming no part of the above described property"
If you are deeded the property before you get married, then you shouldn't have a problem in the first place, since the community property regime would not have been established yet (starts the day you get married unless you take unless you suspend it).
**All of the above information applies to Louisiana, and does not come from a lawyer, but an oil & gas landman that does have some knowledge of separate and community property.**
If you are deeded the property before you get married, then you shouldn't have a problem in the first place, since the community property regime would not have been established yet (starts the day you get married unless you take unless you suspend it).
**All of the above information applies to Louisiana, and does not come from a lawyer, but an oil & gas landman that does have some knowledge of separate and community property.**
Posted on 11/27/12 at 6:51 pm to Lou
Community property means that half of what either of you acquire after the marriage is property of both of you (the community). Whatever you have at the time of marriage is yours alone. Of course it can get more complicated but that's it in theory.
Posted on 11/27/12 at 7:11 pm to Chef Leppard
quote:
Coincidentally, I have decided to get engaged and move in my 5 yr off and on gf and her son.
Awesome.
Posted on 11/27/12 at 7:31 pm to Chef Leppard
The fact that you used the word beach leads me to assume that you are not talking about property located in Louisiana. Generally, the law of the state where immovable property is located will govern ownership interests. I would look to an attorney in that state to have these questions answered.
Posted on 11/27/12 at 8:15 pm to rmc
You need to call a Real Estate attorney. You may need up get a pre-nup.
Posted on 11/27/12 at 8:37 pm to Chef Leppard
quote:
Is there a process here I should follow to protect the property from becoming a marital asset? Or is that not necessary
what state?
you should declare the property, the fruits from the property and the byproducts from the disposition of the property as separate from any marital regime you enter into with your soon to be wife.
you just need to work out the details with a local atty.
Posted on 11/27/12 at 10:03 pm to Chef Leppard
Inherited property is not community property regardless of when you inherited the property.
Any money made from selling the property would be community property if sold while married.
Generally, inheritance is considered the separate property of the person who inherited it. Family Code section 770 (a)(2) includes as separate property of a married person, “all property acquired by the person after marriage by gift, bequest, devise, or descent.”
Separate property, on the other hand, is everything a husband and wife own separately. Separate property does not need to be divided between the spouses. In most cases, separate property includes:
1. Anything owned prior to marriage 2. Anything inherited or received as a gift during the marriage 3. Anything either spouse earned after the date of separation
Any money made from selling the property would be community property if sold while married.
Generally, inheritance is considered the separate property of the person who inherited it. Family Code section 770 (a)(2) includes as separate property of a married person, “all property acquired by the person after marriage by gift, bequest, devise, or descent.”
Separate property, on the other hand, is everything a husband and wife own separately. Separate property does not need to be divided between the spouses. In most cases, separate property includes:
1. Anything owned prior to marriage 2. Anything inherited or received as a gift during the marriage 3. Anything either spouse earned after the date of separation
This post was edited on 11/27/12 at 10:10 pm
Posted on 11/28/12 at 5:16 am to Chef Leppard
Where is the property located? You should consult with an attorney in that state regarding inherited property. Some states, like California, have laws that convert separate preoperty to community property if the property is used communally unless there is a prior written agreement that the property remains separate.
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