What is considered to be a community property asset?
Question Details: My parents are purchasing a house in TX and want to include my name on the title for the purposes of inheritance Joint Tenant with Right of Survivorship. All well and good. However, since TX is a community property state, if my wife divorces me not saying she would the portion of the house belonging to me be treated as community property in the divorce? I'm not saying that would happen but given that the house belongs to my parents, I'm trying to cover all the worst case angles. An estate Trust would be better probably but any advice you can give would be appreciated.
Anything you acquire during marriage is community property in a community property state, so if your parents put you on the deed, the are giving you a share of or interest in the house--which means your spouse would have a claim to it in a divorce. A trust is probably a better option in this case, but the best idea is for you and your parents to consult with an estate planning lawyer to go over the different options and their pros and cons and come to the best solution for the three of you. You are talking about a house, something we presumably costs at least tens of thousands, if not hundreds of thousands, of dollars: it's worth the price of a lawyer to handle it right.
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