Legal Question in Real Estate Law in Maryland
unmarried not on title of new property
My partner and I are purchasing a home in MD. We have been together 2 years, are engaged and recently had a baby together. We plan to keep our current home (which is only in my name) that I have owned since '97. We share finances-joint checking etc. We plan to rent out the home in DE but because of that I cannot be on the loan due to debt/income ratio. I can be on the title but he refuses stating it is better to spread our assets if one of us ever had to file BKO. We are no where near filing-he is referencing the off chance we were sued, like in a vehicle accident or some other rare occurence. I have offered to put him on my title for the DE home to be fair, and still he refuses. I don't mean to be pessimistic, just practical and ensure I am making the right decision. Would I be wrong in demanding I be listed on the title?
2 Answers from Attorneys
Re: unmarried not on title of new property
You should insist on being on title to the MD property if you are contributing financially to it. You will be out in the cold if the relationship sours and he decides to sell the property. For that matter, you ought to have an agreement in writing spelling out what happens to the property if one of you wants to sell. Typically in this instance the other party has first option to buy out the departing party using a predetermined formula. Use insurance to protect yourself against most lawsuits--I'm sure you insure your vehicles, your home, etc. If you decide to marry, no creditor of one of you can go after the property to collect.
Re: unmarried not on title of new property
Property that is titled in the name of both spouses has the strongest protection possible under Maryland law. If you are not planning to marry then this is a moot point. Many titling alternatives exist each with good and not so good aspects.
Bankruptcy law has been changed. I do not understand what is being referred to as a benefit. Apparently there is an underlying plan or alternative that is not stated in your question.
You should strongly consider these matters where you will be contributing to purchase, but it financially or otherwise.
Contact an attorney.
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