Legal Question in Family Law in Virginia
Legal Agreement of Combined Property
I am in the process of refinancing my home which I owned prior to my marriage. I am refinancing the home to include my husband and have become aware that this could jeopardize my rights to the property should we divorce in the future.
Is there a formal legal agreement that can be signed by myself and my husband for this type of situation, that would
protect my rights to the property since I owned it prior to our marriage?
2 Answers from Attorneys
Re: Legal Agreement of Combined Property
When you refinance your home with your husband on the financing, you will no longer be the sole homeowner. The two of you will own it "by the entireties", which is different than the joint ownership of two unmarried persons.
You may avoid "by the entireties" ownership by an agreement written between you and your husband, but there must be some advantage or "consideration" in the agreement for him. I highly recommend that you visit an attorney to have this document drafted.
Another method, which requires more trust between the two of you, is to have your husband sign a quitclaim deed after the financing is finished, giving you all his interest in the property. This is not the recommended strategy.
Good luck!
Re: Legal Agreement of Combined Property
You seem to be aware that the husband does not have any marital claim, as such, to real property which you owned prior to marriage.
Re "Agreement": Virginia does recognize marital agreements concerning ownership of property. However, in order to be valid, it must be clear and distinct that each party had full understanding of the contract. Best way to insure that is when each party has independent legal advice. I would not advise a lay person to even attempt to draft this document.