My husband wants to get a house under a business LLC which excludes me from any entitlement to the home. Has anyone gone through this before? The LLC is listed under: his parents, himself, sister, and an uncle. I don’t understand how he doesn’t see this as…alarming to me…This is supposed to be a marital property between husband and wife….
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You’re not wrong for having a problem with the deal as presented. It’s completely unfair. That being said, talk to a lawyer about what your options are because this sounds like it could quickly get above Reddit’s paygrade for answers.
What’s your financial situation with him? Do you both work and contribute to the bills? Are a stay at home spouse? Do you have joint accounts or separate?
What’s his reasoning for wanting the house in the business’s name?
So, he moved into “my” apartment after marriage. I paid for the unit the entire time until I got laid off – but it didn’t bother me because what’s mine is his/his is mine. I see us as a “unit.” The only “joint” account we have is from our wedding gifts we received. Otherwise, he keeps saying “add yourself to my account.” I said…I can’t add myself without you present…Anyways, right now we don’t have any real joint account. I am laid off (keep in mind I was making six figures until I got laid off ) – currently working a 3-month contract actively trying to get back into a job…There was a house he really liked and we went to look at it. But, I told him I am not okay living under a house that isn’t ours. Especially with the fact that his parents don’t like me and treated me badly on several different occasions. Not to get side tracked…I am very upset that he wants to proceed with getting a home under a family business LLC that excludes me from it. His response was: Why would I add you if you’re not contributing. My response: why did I add you to our apartment lease when I was paying close to 2500/month? It feels as though it’s his parents pulling strings here…I am just appalled…To get it under the business feels so intentional…
Lot’s to unpack here. I agree with others, you may want to consult a lawyer.
I’ve had two LLCs, one with a friend and one with my wife.
The one with my friend had 9 properties, so I owned 1/2 the LLC. It was my understanding that should something happen to me, my wife inherits my 1/2.
Again, you may want to consult an attorney in your state as to any local laws that may be different.
The REAL problem as I see it is everyone else on the LLC will also be part owner of the house!
There are some “safety” nets with regard to putting your house in an LLC. However, I’d personally look into putting it in a trust between just you and your husband.
Is the LLC going to buy said house and make payments on said house?
Speaking as a CPA and as a happily married person (with the occasional dust-up), there are red flags all over this. You “would” do it this way for multiple owners who want to move the real estate some day with minimal hassle and gain sharing. With the facts you present It’s pretty obvious either they don’t want to “give” to you, just your husband, which seems to me a bet that your marriage won’t last. Very similar to a pre-nup. Thing is, they will HAVE to get the mortgage (and also initial title) as an individual or tennants in common, THEN contribute to an LLC, or pay exorbatant interest/fees for a commercial loan, which would make no sense.
IMO, a marriage is not where family should be trying to make money or s/b “meddling” with assets. Sooner or later, this is gonna come to a head, so-to-speak. If it were me, it’d be sooner. Good luck to you.