Legal Question in Social Security Law in Virginia
i am intrested in buying a home with a partner who is on s.s. disability. her name won't be on the loan but i would like to be on the deed of the house in question. if we put her name on the deed of the house will she lose part or all of her disability due to owning an asset? thank yo ustafford Va.
1 Answer from Attorneys
Even if her name were to be put on the deed to the house, what in reality would she actually own in terms of equity, i.e., what the law might call liquidity or liquidatable assets? Probably, little or ZERO. And, therefore, the answer is probably no effect whatsoever on her SS disability payments.
However, there are, nevertheless, still many very good reasons as to why you should NOT be putting your partner's name on the deed to this property whose only income is SS disability and which I will not delve into here.
Believe me, however, RED FLAGS are flying regarding this proposal (in my opinion)l and, hopefully, you'll realize it sooner rather than TOO later!