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What are the laws regarding property ownership after marriage?

Discussion in 'Married Life' started by trito, Aug 12, 2014.

  1. trito

    trito New IL'ite

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    My parents bought a house and put some money in a bank account (in India) in my name before marriage. I want to make sure my husband and in-laws won't have access to them. Can anyone clarify whether my husband is legally entitled to my assets? If so, how can I prevent it?
     
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  2. RemyaSatya

    RemyaSatya Bronze IL'ite

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    As far as i know, unless the will/paper of land and the account is a joint one on you and your hus name, he is not legally entitled to it as long as you are alive. :)
     
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  3. TheUnhappyWife

    TheUnhappyWife Silver IL'ite

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    And even if you were to die, it would go back to the source, i.e your parents. I think this is what is envisioned in the law. He will never have access to it as you didn't earn it.
     
  4. trito

    trito New IL'ite

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    Thanks for the clarification. One more question: there is some rental income from the house which my father manages. I don't use that money, but the income is in my name, and goes into the above-mentioned bank account. Is this considered earned income, and therefore, is my husband entitled to it? Will the bank give him permission to access the bank account because we're married?

    I'm not so much worried about what happens to that money after I die -- as long as the house itself goes back to my parents -- and I hope we won't get divorced, but I want to make sure that my husband does not have the right to access the money in that bank account while I'm alive. (He sends a lot of money to his relatives, and I don't trust them.)
     
  5. yellowmango

    yellowmango IL Hall of Fame

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    If the money is going to a account that is only in your name or joint with your father...then no one other than you /you and your father can access it.You can nominate your father as the beneficiary in case of anything happening to you.
    As for the income ...I think it will be your income.You may have to check with a lawyer if your husband can claim it as joint .....

    Same for the house...if it is in your name ...you can nominate your father as the beneficiary or you can write a will mentioning the same.
     
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  6. Rakhii

    Rakhii Moderator IL Hall of Fame

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    Its probably better to get a WILL in place naming your parents or anyone else you trust as the beneficiary in the event something happens to you.
     
  7. Rakhii

    Rakhii Moderator IL Hall of Fame

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    YM...on the same count, I have a question. I hope OP doesnt mind me asking here.

    My parents recently bought a home for my daughter. It is in her name and I am going to be the guardian. The transfer papers will be signed next month (right now its in my dad's name). Now, I asked my mom to make me and my DH as the guardians but mom is saying that since its from maternal side, only I will be the guardian for my DD's home. is that true? I find that rule weird. I secretly feel she doesnt want my DH to be on the papers for that home and thats why she is making up this rule.

    Since its a gift to my DD and my mom has every right to decide whose name should be on the papers, I am still curious how this works. I personally want both our names as guardians and she says its not possible by law.
     
  8. yellowmango

    yellowmango IL Hall of Fame

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    I get what you are feeling.But it is their money...so they get to do what they want. Just for information...dils don't have a right over self acquired property of pils...so this seems fair.Besides if you have good understanding between you both as a couple...it doesn't really matter.I guess it is their way of making sure their hard earned and saved money is safe in the hands of their daughter and grand daughter.Besides parents do feel they have to provide some financial security for their daughter/grand daughter so that they never have to depend on any one.

    Even I don't think there is any law like that. It is possible that son in law cannot claim right over his in -laws self earned property ,just like dils can't claim right over pils self earned property. But if they are gifting it....they can make anyone they trust as the guardian.May be your mom doesn't want to say that they want the property only on their child's guardian ship.......may be they have been advised so by others. Let it be. It is just guardianship.Don't talk about it with husband or he may feel odd or may feel bad.
     
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  9. Rakhii

    Rakhii Moderator IL Hall of Fame

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    Thanks YM. I OK if she mom wants only me as a guardian. DH didnt say anything. Not yet. But I know something will be said at a certain time in future. Oh well...
     
  10. Akanksha1982

    Akanksha1982 IL Hall of Fame

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    OP, if the property and the money is in your name, then your H or IL have no access to them. You can even have your DH's name as beneficiary and yet he has no access as long as you live.

    Rakhii, There is no law which governs who can/cannot be nominated as a guardian. It is individual's prerogative. It need to be a blood relationship. So you mom can dictate who can be guardian.

    However, in your living trust or will, you can spell out who can be the guardian of the property in case something happens to you and i think you should do that. You can have your DH's name in that. This way both are happy.

    one more point, if it is an income generating property (is it rented out?) then you may have to declare that in your income tax filing. In US, there is a threshold where it is taxed at minor rate and then needs to be included in the parents income. So check with your tax adviser. Also, your mom will have to pay gift tax in case it is above some threshold (In US i think it is $10K or $14K something like that).

    I think the better option would be to have your Mom/Dad keep the property in their name. Any income from the property they can gift each year to your daughter ($20K - $10K each from mom and dad) and make your daughter as the inheritance in the will. This way you don't have to worry about gift tax and you don't have to worry about income tax.
     
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