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Husband is the Primary borrower

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1 Husband is the Primary borrower on Tue Feb 22, 2011 8:27 pm

mylegaladvice1


Arresto Menor
Good day! Can you give some clarification about my situation? Me and my husband decided to purchase a house and lot thru PAGIBIG financing. However, my husband signed as the PRIMARY Buyer and I signed the Maternal Consent.(So basically, the property is under his name) We are going to pay it together until the full payment of the said property. This will be considered as conjugal property right? What if something happen to my husband? Does his family(parents, brothers and sisters) have the rights for that? On the other hand, if something happened to me and he decided to marry again, who have the rights on the property? Does the new wife and new children will have the rights for that?I apologize if i have a lot of questions. I just want to make sure that whatever happened to any of us, our COMMON CHILDREN will be the only beneficiary of our property.

Thank you so much and I hope to hear from you soon.

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2 Re: Husband is the Primary borrower on Wed Feb 23, 2011 5:29 pm

attyLLL


moderator
what one spouse owns, so does the other spouse. even if it's just in his name, you are also considered an equal co-owner. if you have children, only you and the children will inherit from him.

if you die, he has to liquidate the properties of the previous marriage first and gain his share of the property from your half which he inherits with your children. the part he owned as a husband will be part of his new conjugal assets if he marries. the part that he inherited from you is his sole property.


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3 Re: Husband is the Primary borrower on Wed Feb 23, 2011 9:05 pm

mylegaladvice1


Arresto Menor
I see. So if something happen to me, after the liquidation, my children will still inherit half of it. Thank you so much. That's what I really wanted to clarify. Knowing that my children is on the safe side then I now have peace of mind. I wont hesitate helping him pay the property now. GOD Bless and more power on your forum. you are indeed helping a lot of people.

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