House titling question - both names or one?

[Anonymous]

DW and I are buying a house.

I'm curious, is there any advantage in titling a house in just one person's name or is it better to have a joint title? I know there are a lot of lawyers on this board and am wondering how you title your house.

If you get sued, is it better to have your house jointly titled? I imagine if one spouse dies suddenly, it would be beneficial to have the house titled together in that scenario. These are all terrible scenarios but I'm sure a smart lawyer has already thought of.

Or is it better to have a house titled in a LLC?

[Anonymous]

Both. Period.

[Anonymous]

Anonymous wrote:Both. Period.

+1. If your worried about law suits, insure yourself accordingly.

[Anonymous]

Both spouses had better want to own part of the house! Divorce being the likeliest negative possibility, imagine what it would do to the spouse who's name isn't on the house...

This has no bearing on who is paying for the house. One person's name could be on the mortgage, while both persons' names are on the title.

[Anonymous]

Both or wife's name (I am a wife). I would never agree to have the house or cars in my husband's name only.

[Anonymous]

Hmmm, I bought a home before marrying DH and I've never changed the title. Never even occurred to me.

[Anonymous]

Anonymous wrote:Both or wife's name (I am a wife). I would never agree to have the house or cars in my husband's name only.

Cars? Who cares about cars? Both spouses should be on the house title.

- Man's opinion.

[Anonymous]

Both. We hold ours as Tenancy by the Entirety. Not available in all states but it is in Virginia.

My name is the only one on the mortgage though. Needed it that way to take advantage of a first time homebuying program.

[Anonymous]

Definitley both JTWROS.

[Anonymous]

For a personal residence both people should be on title, in pretty much every case. For investment properties it really depends on the jurisdiction and your tax situation. There are sometimes regulations that kick in for landlords who own a certain number of rental units. For example, in DC rent control kicks in once you own a stake in 4+ units, so it might make sense to have separate ownership.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Both or wife's name (I am a wife). I would never agree to have the house or cars in my husband's name only.

Cars? Who cares about cars? Both spouses should be on the house title.

- Man's opinion.

I care as I bought my car and my family gave us my husband's car. And, he'll be buying me my next car. I don't want to be left without a car.

[Anonymous]

Home? Absolutely. Cars? I realized that we had accidentally titled a car in just my husbands name, (the car I drove) and it was a HUGE hassle when we moved out of state as I couldn't get the plates, register the car etc as it wasn't in my name or jointly held. I just bought a new car and its in my name only, simply because being a SAHM all of these jobs fall under my umbrella and its much easier this way.

[Anonymous]

My friend's now-husband had bought a house in his name only before they got married, although it was while they were engaged and they looked at it together. When I found out that the title is in his name only, I suggested to her that she might want to get that changed. She just laughed and said she wasn't worried about it. Is it really a hassle to add somebody's name to a house title? I just cannot get my mind around why someone would shrug and not bother.

[Anonymous]

Anonymous wrote:For a personal residence both people should be on title, in pretty much every case. For investment properties it really depends on the jurisdiction and your tax situation. There are sometimes regulations that kick in for landlords who own a certain number of rental units. For example, in DC rent control kicks in once you own a stake in 4+ units, so it might make sense to have separate ownership.

FWIW I don't think you can get around rent control that way.

[Anonymous]

Anonymous wrote:My friend's now-husband had bought a house in his name only before they got married, although it was while they were engaged and they looked at it together. When I found out that the title is in his name only, I suggested to her that she might want to get that changed. She just laughed and said she wasn't worried about it. Is it really a hassle to add somebody's name to a house title? I just cannot get my mind around why someone would shrug and not bother.

My husband and I both owned house/condo when we got married. He ended up moving into my house and we rented out his condo in Tyson's. I never put his name on the title, he never put my name on his title. When we sold my place I put all of the proceeds towards our new purchase, which was titled in both of our names.