09/Feb/2009
LEGAL Lyla Q&A
By:Lyla Neelis DeBlieux, Attorney
I am engaged to be married in the upcoming months. I bought a house several years ago and have been paying for it on my own. Do I need a prenuptial in order to protect this asset?
Your house is considered your separate property because it was bought by you before the marriage. If you continue to pay a mortgage on it during the marriage, and should your marriage result in a divorce, your spouse may have a claim to one half of any reduction of the principal amount paid on your mortgage during the marriage. Your spouse may also be entitled to additional claims if significant improvements are made during the marriage. You have a lot of freedom in drafting a prenuptial agreement and can even draft one that only addresses the house. Of course, should you have a further interest in a prenuptial agreement, consult with an attorney on specific form requirements and consequences of the same.
I recently purchased a washer and dryer set from the classified ads in the local newspaper. The seller told me that it was in working condition, but when I got home the dryer did not work. I paid $1,200.00 for the set and would like my money back, but it seems like I will have to pay an attorney more than it is worth pursuing. Do you have any suggestions?
You may want to pursue this matter in small claims court. Baton Rouge has a small claims division which is part of Baton Rouge City Court. The division handles claims that do not exceed $3,000.00. The filing costs are relatively low and the court rules are not as formal as in an ordinary proceeding. The Small Claims division even has forms available for you to use. You can find a very detailed explanation of the Baton Rouge Small Claims division at http://brgov.com/dept/citycourt/smallclaims or visit the clerks office at 233 St. Louis St., Rm. 208, Baton Rouge, LA 70802.
I am buying my first house and have been told that my lender requires me to get title insurance, but I can also get owner’s title insurance. What is owner’s title insurance and how do I know if I need this?
Title insurance protects your home from any future legal claims about ownership of the property. Your closing attorney has checked the records of your property to insure there are no future claims to ownership of your property, but even the most thorough search cannot guarantee zero ownership risks to your property. Your lender will require you to purchase title insurance in the amount of the loan. However, if you are making a substantial down payment or foresee paying off your loan in the near future, then the full value of your home may not be insured as you will only be protected up to the amount of your loan. In such a scenario, you can purchase owner’s insurance (for not much more) to protect the full value of the home.
Submit your questions to lyla@deblieuxlaw.com. This column contains general information about legal issues, and is not intended as specific attorney-client advice or as an adequate substitute for consulting an attorney and providing all the specific facts at issue, in order to receive adequate guidance. The author of this column has not accepted any engagement as counsel for the anonymous questioners.
By:Lyla Neelis DeBlieux, Attorney
I am engaged to be married in the upcoming months. I bought a house several years ago and have been paying for it on my own. Do I need a prenuptial in order to protect this asset?
Your house is considered your separate property because it was bought by you before the marriage. If you continue to pay a mortgage on it during the marriage, and should your marriage result in a divorce, your spouse may have a claim to one half of any reduction of the principal amount paid on your mortgage during the marriage. Your spouse may also be entitled to additional claims if significant improvements are made during the marriage. You have a lot of freedom in drafting a prenuptial agreement and can even draft one that only addresses the house. Of course, should you have a further interest in a prenuptial agreement, consult with an attorney on specific form requirements and consequences of the same.
I recently purchased a washer and dryer set from the classified ads in the local newspaper. The seller told me that it was in working condition, but when I got home the dryer did not work. I paid $1,200.00 for the set and would like my money back, but it seems like I will have to pay an attorney more than it is worth pursuing. Do you have any suggestions?
You may want to pursue this matter in small claims court. Baton Rouge has a small claims division which is part of Baton Rouge City Court. The division handles claims that do not exceed $3,000.00. The filing costs are relatively low and the court rules are not as formal as in an ordinary proceeding. The Small Claims division even has forms available for you to use. You can find a very detailed explanation of the Baton Rouge Small Claims division at http://brgov.com/dept/citycourt/smallclaims or visit the clerks office at 233 St. Louis St., Rm. 208, Baton Rouge, LA 70802.
I am buying my first house and have been told that my lender requires me to get title insurance, but I can also get owner’s title insurance. What is owner’s title insurance and how do I know if I need this?
Title insurance protects your home from any future legal claims about ownership of the property. Your closing attorney has checked the records of your property to insure there are no future claims to ownership of your property, but even the most thorough search cannot guarantee zero ownership risks to your property. Your lender will require you to purchase title insurance in the amount of the loan. However, if you are making a substantial down payment or foresee paying off your loan in the near future, then the full value of your home may not be insured as you will only be protected up to the amount of your loan. In such a scenario, you can purchase owner’s insurance (for not much more) to protect the full value of the home.
Submit your questions to lyla@deblieuxlaw.com. This column contains general information about legal issues, and is not intended as specific attorney-client advice or as an adequate substitute for consulting an attorney and providing all the specific facts at issue, in order to receive adequate guidance. The author of this column has not accepted any engagement as counsel for the anonymous questioners.
