Legal questions to protect myselg
Hello,
My husband and I have recently married and we buy and sell investment properties. This is a new adventure for us and I am unsure as to how to protect myself.
God forbid, if something were to happened to my husband, if both of our names were listed on the deed of the properties would the property go to me alone or would I be required to split each property with his children.
I would like to ask him but, I do not want to offend him. I am unsure as to how personal property is split up and do not want to make a life time of investments if his half all goes to his children.
My husband and his children have recently stoped communicating and the girls are living with their mom full time at the moment. They are 14 and 16 years old. Since their relationship is asstranged and their mom is the most vindictive person I have ever met, the last thing I want to ever do is go to battle with the three of them. Becasue of as of right now, his daughters have become unappricative, disrespectful, and irrational peope like their mother. (im sure teenage hormones have a lot to do with our situation also)
I have been on my husband about putting a will in place to protect me which he has been working on. I have not read it so I do not know what it says as of yet.
I just dont know what the legal process is.
This is where my anxieties come from, I quit my job to stay home and help care for the girls a year and a half ago, you can see that worked out well for me 
My husband provides for us. He owns a consturction company with his brother that does about 15 million a year. I am so proud of the both of them they work so very hard! My gut feeling tells me to go back to work to have social security and retirement etc. but my husband really really really wants me to stay home even though the girls are gone. We live in Florida and have bought some investment property in TN and also a lake house and he loves to be there almost 50/50. So I am all about buying property fixing it up, renting, selling for a provit but, what would happened if he were to get into an accident or suddenly pass?
I know this is so morbid and I am in tears even thinking about it. I am so nervous about being financailly stable, espically when im older. I have no biological children of my own, when I get older I just want to be sure I would be okay.
If anyone has any legal or realty background any advice would be greatly appreciated.
Thank you
D
If you are on a deed as a co
If you are on a deed as a co-owner, generally the property is yours if the other owner dies. But it would be smart to consult an attorney in TN about laws there.
And don't let up on him having a will that provides for you in the event of his death. In Florida it seems that you would get half of his estate and his kids would get the other half, in the event that he does not have a will. But as wealthy as he is, I can promise that income is protected and he may not appear to make as much as he does.
Why does he want you to stay home when there are no kids to take care of? I would not personally be comfortable being dependent on a man who won't show me his will (or any man, for that matter).
He wants me to stay home so
He wants me to stay home so we can travel more. I have been seaching for jobs that I can work remotely which would provide me my own income and security. I know he will show me his will once it is completed, I know he is working with his attorney to complete it. He said it states that i am to recieve all of his personal property. So we will see. I currently care for my 10 month old nephew also but, he will be going to day care on August 13. I already know i will be utterly board when he goes to day care and will need to find something to keep my soul alive. I cant see myself home all day with no one to care for. I guess I have some demands, questions, and soul searching to do.
I apprecaite you advice.
D
I can't imagine staying home
I can't imagine staying home all the time just in case he wants to travel. I guess being a kept woman would not be my thing! I'd love not to work, don't get me wrong - but wouldn't be comfortable being some rich man's stay-at-home travel companion.
Maybe find a job with some flexibility, where you are a contractor or something of the sort (ie, have no benefits so you can take time off when you please).
I agree with you. For the
I agree with you. For the past 5 years, ebven when i was working, i have been caring for his girls plus helpiong my brother with his boys. In august i will be free and be able to do what ever i want. I def want to find something i enjoy and make my own money.
If they own a business that
If they own a business that does 15M a year, they have to have a decent size business office... I assume maybe 4/5 people, depending on how much office work they (husband and brother) do. And what about the "investment properties". Are they rentals? Flips?
Would it be possible for you to work part or 3/4 time for the business? I mean... do you get bored? What could you possibly fill your day with?
Oh, and demand to see the will. It is rediculous that you haven't seen it/he doesn't have one. Even for his business.. there should be something in place to ensure if something happens it can continue on.
Do you see a reason why he
Do you see a reason why he would be offended if you ask him about this? These matters should be discussed between a married couple. There are several ways to own property jointly, and not all have right of survivorship. You have every right to know how the property acquired during marriage is titled, especially if you are contributing assets towards the purchase and/or supporting the household with your time caring for the home and his kids. It's also a good idea to understand how each of you want to leave your assets. Sounds like you don't want any of the real property to go to his kids. That's up to you two, but is he in agreement with that? If you have properly jointly owned with right of survivorship you (and he) are all set.
Personally, it would be a no-go for me if my DH told me he didn't want me to work - even if he had an iron-clad contract assuring my lifetime support. There are jobs that allow the flexibility to take time off (without pay) frequently.
Not questioning, just curious
Not questioning, just curious - how can you jointly own property that doesn't have right of survivorship?
You can own as tenants in
You can own as tenants in common. There's no right of survivorship and each owner can transfer his or her own interest. You could also own in an entity (a partnership or a corporation) where each owner would have their own interest in that entity.
But married people don't
But married people don't generally enter into that kind of joint ownership, do they?
They may, depending on how
They may, depending on how they want their assets distributed after they're gone. But that's what is a little hard for me to understand - if these properties were purchased together, and OP is clear what her preference is, I would think this would have been spelled out at closing.
Tenants in common
Tenants in common
The legal term “tenants in common” refers to a form of ownership in which two or more people own separate shares of the same real property. In tenants in common circumstances, each person holds an individual, undivided ownership interest, which gives them an equal right to use the property or transfer their ownership interest.
Tenants in common do not have
Tenants in common do not have right of survivorship. I was thinking it was possible to own property jointly without right of survivorship but that may apply only to bank or investment accounts, not real property. Note: I am not a lawyer, and it would certainly be wise for her to consult one in her state and/or the state where their property is located.
If title to the property is
If title to the property is held by you and your husband as tenants in common, you will have your interest in the property (whatever percentage that is) and your husband's interest will pass in accordance with his will (or by intestacy if he doesn't have one). If the title to the property is held as joint tenants with right of survivorship, the entire property will pass to you outside of probate. Some states have tenancy by the entirety, which is limited to married couples. It works the same way as joint tenancy with right of survivorship. It could also be community property if you're in a community property state. You can find out how it's held by looking at the deed or the title insurance policy. If you don't have those handy and you don't want to ask your husband, you can find out by looking at the land or deed records for your county. In my county, those records are online. If they're not, you can go to the recorder's office or the county land office (different names depending on where you're located) and they'll likely help you find it.
You need to see a lawyer and get a post nup
Yes, post nups can protect you. Every state is different.
All of this AFTER you talk to him about what he thinks is fair. I would not try to rely on what you think will happen, how things titled, etc.
My D H and I created an LLC
My D H and I created an LLC that owns our investment properties, and we own the LLC. I visited an Atty in my state on my own and was advised to do this. Each state is different but you could get a legal consultation on your own
And also, our state is one in
And also, our state is one in which if one of us died without a will then everything goes to spouse, and if there is a will the spouse did not know about or agree to it can n contested. My guess is your husband chose Florida as a place to live for financial reasons.
You’re afraid of asking your
You’re afraid of asking your own husband about your own financial investments and your own financial security? And he’s willing to show you his will AFTER it’s completed?
Did I read that right?
Real property is likely yours
Real property is likely yours upon the demise of your DH. Most states have right of survivorship. But.. get an attorney and protect yourself and the assets.