Reply to Would you ask for joint title on a condo DH bought when he was single and in this circumstance?

Forum Index » Money and Finances

Reply to "Would you ask for joint title on a condo DH bought when he was single and in this circumstance? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]DH has a 1BD condo ($340k) from when he was single, so he's the only one on that mortgage (new $280k mortgage due to refi cash out). The $220k condo we live in now is paid off (I had 120k in savings and DH refinanced his condo and took out money from it to out in 100k). DH has another 1BD condo that is worth 35k (in a different city, I wish DC housing prices were like that!). It used to have a loan of $15,000 that I paid off from my checking account when we were engaged because I thought it didn't make financial sense to be paying interest on it when I had more than enough to pay it off.

We both think household income and expenses are communal.  I used to make about 40-50k more than DH until I had a baby and became a stay at home mom recently. It's the first time I am without income and I feel that maybe I'm not protecting myself in case we ever end up divorced in the future (no one thinks they will get divorced at the altar but things happen). We have one joint account with 60k but DH wanted to keep his three individual checking accounts. For condo #1 he has a bank account with 8k in it, for condo #2 he has a separate checking account with $15k. He said he didn't want to close those two condo related accounts because that's how he's tracking how much our rental income and repair costs are. I used to think that was fine until it occurred to me that all the rental income we're making just stays there and the balances keep on growing and if it ever came to a divorce, a third party would think that his two condos are his sole property, especially since the mortgage comes out of that individual account and rental income is not transferred to the joint account.

DH says everything we own is "ours" but funny enough, when I potentially tested it by saying how about we retitle the 340k condo in both our names, his response was "would the bank let you do that" to which I replied "yes, i checked" and then silence. knowing his personality, now it's up to me to push it if I really want it, his preference is to just leave it as is saying "isn't it a lot of paperwork". Even the 35k condo, when he talks about how much money it's making him and I correct him that actually it hasn't yet, since I put in the 15k and the rental income has not yet covered that amount and the property value went down, he reacts surprised, saying didn't he pay off the balance with money he pulled out of his condo refinancing, not that I gave it to him from my individual checking account. See what happens after a few years? People remember things differently!!

Anyhow, since we're married, does it even matter whether the 340k condo and the 35k condo are not titled jointly? Would you push it so that one or the other or both gets retitled?  [/quote]

You're testing your husband? And you think divorce is a "you never know" kind of thing? Bottom line is if he brought that into the marriage, that's his if you split. The equity accumulated before you married is his. Any equity accumulated during the marriage is arguably split. Whether or not you are on title doesn't mean anything in that scenario.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics