Legal Question in Real Estate Law in Maryland
in-Laws want to buy a house and put it in my wife's name
My in-Laws want to buy a house and put it in my wife's name. My wife is requesting me to sign an agreement that states:
The sole purpose of this agreement is to qualify the inheritance of both parties as separate property. This safeguards the minor children of the said parties that were born prior to their marriage; when the said parties were married to other people, not mentioned in this agreement. Either party has no right over the other party�s inheritance gotten from their respective families.
Is this a common practice, and are there any liabilities that I might inherit by signing the agreement, or any other LEGAL gottcha's later, please advise. - PJ
1 Answer from Attorneys
Re: in-Laws want to buy a house and put it in my wife's name
Under MD law, any gift your wife received from anyone, including her parents, does not entitle you to any interest in it, because it's not considered marital property. If your wife is responsible for a mortgage, then you would acquire an interest, because the mortgage payments would presumably be made from marital funds. But if your name isn't on any mortgage or on the deed, you aren't liable for any payments.
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