Is there a limit? Can 4 adults go on the title?
With regard to this question, I own as a single man but don't want my partner to have trouble using the measly 10% discount on merchandise. Is it possible to get another membership card with his name on it?
That's not quite accurate as I understand it. If there are 4 owners, they would own 1/4 each if they own jointly. While it's possible a creditor could force the sale, all that would be at risk would be 1/4 of the proceeds after any sales costs, they couldn't take it all. While I agree it's good to understand there are risks with multiple owners, it's not an all or none. The issue is not unlike the thought process that goes into savings for a child's college. Do you put the money in their name for the tax benefits but run the risks that they will use it for other reasons when they reach the qualification age or that it will count far greater toward grant type qualifications (it does).Be mindful that all 4 will own the contracts and if something happens to 1 owner, the other 3 may be left with nothing. The law is different in different States so you should find out what happens.
Bill
Be mindful that all 4 will own the contracts and if something happens to 1 owner, the other 3 may be left with nothing. The law is different in different States so you should find out what happens.
Bill
That's not quite accurate as I understand it. If there are 4 owners, they would own 1/4 each if they own jointly. While it's possible a creditor could force the sale, all that would be at risk would be 1/4 of the proceeds after any sales costs, they couldn't take it all. While I agree it's good to understand there are risks with multiple owners, it's not an all or none. The issue is not unlike the thought process that goes into savings for a child's college. Do you put the money in their name for the tax benefits but run the risks that they will use it for other reasons when they reach the qualification age or that it will count far greater toward grant type qualifications (it does).
This can even be an issue within a given household between spouse's since generally you're only liable for what you actual own and not the debt's of the spouse though it does get a lot more complicated than just whether DVC is at risk when it gets down to this level.
It all depends on how the contract is titled and the applicable state laws. There are several ways to title/own something with other people. Each has advantages and disadvantages.
The OP should consult an attorney who can advise on the best way to buy & title, depending on his/her specific situation.
Is there any situation where the entire thing would be at risk in FL other than if it were specifically titled that way, I can't think of anything that would cause that risk. As I understand it, Joint ownership would not create that issue nor would joint with right of survivorship. Tenants in Common could but it's be base on who had more invested, not just because their name were added to the deed. Of course you could also draft a deed that specified the % ownership.It all depends on how the contract is titled and the applicable state laws. There are several ways to title/own something with other people. Each has advantages and disadvantages.
The OP should consult an attorney who can advise on the best way to buy & title, depending on his/her specific situation.
Is there any situation where the entire thing would be at risk in FL other than if it were specifically titled that way, I can't think of anything that would cause that risk. As I understand it, Joint ownership would not create that issue nor would joint with right of survivorship. Tenants in Common could but it's be base on who had more invested, not just because their name were added to the deed. Of course you could also draft a deed that specified the % ownership.
ROFR back to DVC most likely.Slightly OT but found this interesting:
A friend is filing chapter 7 (due to medical bills) single not joint with her spouse. Most of the assets are in her husband's name including the deed to 'his' house which they never switched over when they married.
she tells me that her lawyer (in PA) states their home is excluded but their DVC timeshare (no mortgage) will be sold for pennies on the $. However, if they had a joint mortgage on it, the trustee likely wouldn't bother with it.
ROFR back to DVC most likely.
Likely quite a few. I am certainly no bankruptcy expert (thank goodness) but I do know that the property risk varies with whether it's a common law property or community property state. Thus there are situations where a property is at risk for a married couple with one filing even if their name is not on certain assets. I also wonder if there's a way to save the DVC in this situation to the other spouse but realize it'd be up to the trustee and applicable laws.true have to wonder how many 'deals' DVC gets courtesy of the trustees
Likely quite a few. I am certainly no bankruptcy expert (thank goodness) but I do know that the property risk varies with whether it's a common law property or community property state. Thus there are situations where a property is at risk for a married couple with one filing even if their name is not on certain assets. I also wonder if there's a way to save the DVC in this situation to the other spouse but realize it'd be up to the trustee and applicable laws.
Slightly OT but found this interesting:
A friend is filing chapter 7 (due to medical bills) single not joint with her spouse. Most of the assets are in her husband's name including the deed to 'his' house which they never switched over when they married.
she tells me that her lawyer (in PA) states their home is excluded but their DVC timeshare (no mortgage) will be sold for pennies on the $. However, if they had a joint mortgage on it, the trustee likely wouldn't bother with it.