NWR: adding name to house deed?

We did the same. Used the VA loan so I couldn't be on the mortgage when we bought. I am on the deed. As far as I know, there are no real disadvantages....

I was never on the mortgage or the deed, but I do pay my portion. I think we'd only be adding to the deed.

I dont think we are going to be adding me.

If we ever out grow this place ill still be a first time home buyer.

No adding FH. Like the idea that he can still be considered a first time home buyer if we decide to move. Down payment and interest rate would be better.

Well our experience at least in MO, if one person owns a home in last 3 years there is no first time buyer advantage So even though I owned a home a free and clear for like 3-4 years we did not qualify for FTB benefits. Also, what happens if the owner passes away suddenly. Sad but reality, please check this out, If your name is not on the home and you have no trust or will etc. your home ends up in probate. The flip side is god forbid there is a divorce it would be hard to get your 50% out of house.

You can add your name to a feed via quit claim deed.

The property will go from him to him and you.

Don't add yourself to the mortgage if you still would like first time home buyer advantages when/if you purchase a new home.

FH and I have been together over 5 years. Over three years ago, we used a VA loan to purchase a home. VA rules said it could only be in FH's name, since we were not married at the time.

Fast forward 3 years.

When I prepare FH's taxes, he claims all of the house-related deductions, even though I pay 1/2 of all house related bills (1/2 of the mortgage/utilities/property taxes, etc - including 1/2 of the settlement costs and probably 95% of house decor & fixings). I prepare the taxes first claiming a standard deduction (i.e. no house-related expenses considered), then add the house-related stuff. The difference is the added benefit that home ownership adds, which I pay 1/2 of. We take that difference and put it into a joint bank account (from which we pay all of our joint bills).

When we get married, FH will add me to the deed (and therefore mortgage). We bought it together and, since we've paid for it jointly, 1/2 of the equity is mine, which we both have always been fair about.

From your point of view, you should absolutely get your name on the deed. It will get you a property interest in the house. Merely paying 50% of the mortgage will NOT earn you a property interest in a house in many states, if your FH bought it prior to your marriage.

So, what does putting your name on the deed mean? It means you can have a claim to the house (or part of it) if God forbid you divorce. Otherwise, depending on the state where you live, the house may be treated as 100% his despite your payment toward the mortgage for all those years.

So, were literally in the same situation in the aspect that we decided to move in together and FH decided to buy a house.

I do not pay half the mortgage...I essentially split the other bills with him.

FH will not add me to anything house related unless I get to a point where I can actually buy into the house. (Start paying half the mortgage and probably pay off a chunk of it too). Which is fine by me because it means I have no real ties to the house if something bad happened and I can just walk away.

However, we do have a pre-nup which allows me part of the equity in the house If we divorced. (Basically, the equity pre marriage stays his, any equity earned while married is up for splitting).

I moved into my husband's house when we got engaged. I am not on the deed. We changed our wills so in the event of his death, the house and all of his personal assets would go to me.

It won't give you an advantage or disadvantage tax wise. It goes on your shared schedule a for itemizing purposes regardless of which name it is in once married as long as you file jointly. There is no longer a first time home owner credit, they stopped it in like 2010 ish. Either way. You share one return, share income, share deductions and will net together.

We aren't filing jointly due to my student loan debt (it will bring my payments up to 1k a month). @misstomrs

I won't be adding my name to the deed, we plan to move once we can't fit into this house when we have kids, so the next house my name will be on the deed

I know in new jersey, once married the house is automatically under both names. I don't know when that changed. We are going thru this now.

I have my house in my name in NC and FH contributes, I haven't considered adding him. Though, I signed paperwork for the neighbors to use my yard and the lawyer said that if we were married, he'd have to sign too even if he isn't officially on the deed. He automatically has rights to it once we get married so I don't think I'll go through the process of having it updated until we buy a new house.

Most lenders do not allow people to be on the deed who are not on the mortgage, for obvious reasons. So you need to touch base with the lender and see if they are ok with that. For the folks who are named inheritors of the house and not on the mortgage, the death will trigger a pay in full action. So you would need to either pay the house off before the death of the mortgage (a gamble), or be ready to finance the thing on your own immediately upon their death (at probably higher rates than we currently enjoy). Owning property together is something you really should talk to a lawyer about if you are not both on the mortgage and the deed. Everyone needs to be crystal clear about the pros and cons of different ownership strategies, including inheritance and tax repercussions. Consult with a lawyer and a tax person before deciding what works best for both of you.

No need to add your name. If anything ever happens to him, you will still inherit it no problem. If you ever split, it's still considered a marital asset. There's no advantage to adding you.

In fact there could be a disadvantage. If you ever fall on hard times and it goes into foreclosure, it would only ruin one person's credit and not both IF you're not on the deed or the note. One of my BM's is a real estate attorney, and she always recommends that only half of the couple put their name on the deed and mortgage for that reason. ETA - I don't think @Rayla H is correct with what she said about property interest. If FH bought the house say 2 years before the marriage, and then you're married for 10 years, the court would most likely grant you half of the equity in a divorce. Maybe not if he had owned it for 10 years prior to a 2 year marriage. But talk to a lawyer yourself.

Don't ask for legal advice on Wedding Wire.

See a lawyer about the pros and cons of this, and the legal ramifications of doing this. The answer will depend on what state you're in.

Also, you and your FH might consider a prenup because when one spouse owns real estate going into the marriage, it's good to lay out in writing each party's rights and responsibilities regarding the property, and any other assets or debts coming into the marriage.

It doesn't really matter if you're not on the mortgage - in fact it some states (like mine), your spouse is required to join the deed because we are in a joint property state.

I would just make sure you do this AFTER you get married. FH tried to add me to the deed of his home (I also pay half the mortgage and we live there together), but the title attorney said this would be considered a gift to me, and I would be taxed at a rate of 40% of the home's value, which would be like $100k.

The only way for me to add FH to the mortgage is to refinance. We have decided it's silly to spend that money, so we are saving it to buy our next house together, after we are married. This was always meant to be a starter home for me.