So I'm thinking about buying a house with my sister. I will be co-signing with her. She is married and the house will be for her and her husband to live in. I already have a primary residence on my own. We live in Washington state (I don't know if that matters).
My question is: if they got a divorce (or she passed), then would her husband have any legal claim over the house only she and I co-signed for?
@Account Closed - WA is a community state - items considered marital property are generally split equally. According to Washington law, marital (or community) property is that which was acquired by either party during the course of the marriage - what's hers is his too. IMHO, stay out of doing business with family.
Though you can purchase real estate in the state of Washington solely under one partner's name whether it's the wife or the husband during a divorce however it is a 50-50 State and any judge will hand over all properties equally you may want to consult a lawyer on this but I'm pretty sure that is the effect of it
I would think he does because they are married. No different than if she owned a home by herself before she got married. Even if his name never went on the loan the marriage makes it co-owned, so to say. Unless they do a pre-nup. So unless you come up with a contract saying otherwise and get them both to sign it.
This is a business, think of it that way. If you go in and buy a business than get divorced your spouse gets half of what you own regardless of whether her name was on any business loan. So same applies here I would think. Now he would only get half of what she owns, so a quarter of the house. Unless in the split she gives it to him or she dies - then he would get it all.
@Account Closed - WA is a community state - items considered marital property are generally split equally. According to Washington law, marital (or community) property is that which was acquired by either party during the course of the marriage - what's hers is his too. IMHO, stay out of doing business with family.