When you get married, one of the biggest questions you may face is whether to add your spouse to the title of your home. At first glance, it might seem like a simple decision about shared ownership, but the legal and financial consequences can be more complicated than many people realize.
Below, we’ll explore the key things to consider before you decide whether to put your spouse on your home’s title.
Why People Add a Spouse to a Home Title
- Shared Ownership: Adding your spouse to the title ensures both of you are legal owners of the property.
- Estate Planning Benefits: With certain types of ownership, your home can pass directly to your spouse when you pass away, avoiding probate.
- Financial Protection: Joint ownership can give both spouses equal rights and interests in the property.
Important Considerations Before Adding Your Spouse
1. Your Mortgage
If you have a mortgage, your lender may have restrictions. Some require refinancing or notification before you can add someone to the title. Failing to follow these rules could create problems with your loan.
2. The Legal Process
Generally, adding a spouse requires creating and recording a new deed (such as a Quit Claim Deed or Warranty Deed). The deed must be properly signed, notarized, and filed with your county. Mistakes in this process can create title issues down the road.
3. Impact on Estate Planning
Adding your spouse to the title affects more than just current ownership. It also impacts what happens to your home when one of you passes away. It’s important to coordinate this decision with your broader estate plan to ensure your wishes are carried out and to avoid unintended consequences.
Do You Need an Attorney?
While it may be possible to add a spouse to a home title without legal help, doing so without advice can create problems later. An attorney can help you:
- Choose the right form of ownership for your family and estate plan.
- Avoid mistakes when drafting or recording a deed.
- Understand how title changes may affect taxes, inheritance, or creditors.
- Ensure your overall estate plan still works as intended.
The Bottom Line
Adding your spouse to your home’s title can provide security and peace of mind—but it’s not always the best choice for every situation. Before making any changes, it’s smart to consult with an experienced estate planning attorney who can help you weigh the legal, financial, and long-term implications.
At MCV Law, our estate planning attorneys can help you understand your options and make the decision that’s right for you and your family.