Legal Question in Real Estate Law in Maryland

Re: Homeownership

A husband and wife can own real property jointly by the entireties with right of survivorship.

The advantage of this is that upon death, it will pass to the other spouse without going through probate; but further, there is asset protection from creditors of only one spouse. If the home is only owned by one spouse, then creditors of that spouse can levy upon the property.

The fact that your husband is not a U.S. citizen may or may not have an effect on what should be done.

Consult an attorney for details. Please contact me, see below, if you would like to discuss retaining my services.

Re: Homeownership

If you take title in joint names, known as tenancy by the entirety, you will own the property as a marital unit, thereby insulating it from individual creditors. In other words, if you were to get sued and have a court judgment

entered against you, the creditor couldn't put a lien on the home if your husband's name is on the title.

Also, if it's in joint names, title will automatically pass to the surviving spouse if one of you dies. Otherwise, you could leave it to children or anyone else if it's just in your name, although your husband has a claim for 1/3 of your estate if you die while still married. On the other hand, depending on the size of your estate, if your husband has a lot of property in his own name, it may be beneficial to put the house in your name as a means of avoiding estate taxes. At present, there is a $1.5 million property exemption from federal estate taxes, for property left to anyone other than your spouse (no tax on property left to the spouse). If there are tax issues, you should see your financial adviser or an attorney who specializes in estate planning.