Legal Question in Real Estate Law in Texas
Marriage Property Law
I live in Texas and am married. I plan on using some recently inherited money to purchase recreational/retirement property in Oklahoma. I am paying the balance through financing, probably no more than 30% out of my income, not my spouses. The potential lender in OK said my wife would have to be on the note regardless. I want to leave the property to my kids. I do not really want my inheritance and my income to go to enrich my wife's adult kids by a previous marriage. My children are still dependents. previous marriage. What options do I have to make sure my kids get the property. I would make provisions that my wife have use and access to the property till her death at which point I want the entire property to go to my children.
1 Answer from Attorneys
Re: Marriage Property Law
You have a few options. You can go to a different lender who will title the property as you wish. Or, you can execute a will that leaves the property as you see fit. Finally, you can re-title the property such that you and your spouse have a life estate in the house, with the remainder interest to your children.