Q: I live out of state and want to buy my deceased grandma's house from my dad and aunt. This home will be used as a 2nd
home for me and for my children to use while they attend college. How can I make sure my husbands poor financial choices does not take my 2nd home away?
A:
If your husband's name is not on the asset, why would his credit affect anything. Just be sure YOU buy the home in YOUR NAME ALONE and it should be fine.
There ARE situations that would impact this however -- Michigan is not a 'community property' state, but there are wrinkles that could cause issues. I'd STRONGLY urge you to consult with a local attorney in Michigan to be sure what you're doing won't fall into any obscure 'wrinkles' that might cause problems.
There WILL be issues -- if this home is not a primary residence for at least one of the owners, there will be property tax consequences, and if the transfer is between 'related individuals' (like from your father to you) and not reported properly that too can have tax implications. This is an area where failing to file a form or filing it late can have serious issues! Seek local legal help.
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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