Holding Title to Your Home, Monroe NC
Posted by PerryBundyWebsite | Family Law, Real Estate Lawyer
You have recently gotten married and the two of you want to buy a new home. How should you hold title to what will likely be your biggest asset?
There are several ways to hold your title such as Tenants in Common, Joint Tenants and Tenants by the Entireties. There is no one right way and you should consult with an attorney before taking or changing the title. This discussion is only about Tenants by the Entireties.
First, a tenancy by the entireties cannot exist unless the parties are married. Two single people cannot hold the title as Tenants by the Entireties. Second, with tenancy by the entireties property passes on death to the survivor of the two spouses by operation of law. A will cannot change this. Third, judgment liens against one spouse will not attach to the property held as Tenants by the Entireties. An exception to this rule is federal tax liens. A judgment against both spouses will attach to the property.
These are just highlights of how you might hold title to your property after marriage. You should always discuss the benefits and risks regarding how you hold title or transfer title with your attorney before doing so. The attorneys at Plyler, Long & Corigliano, LLP can help guide you through this process and help reassure your decision on how to hold title to your property.