Moving in with FIL-do I want my name on the family home?
I'm looking for advice from people who know more about home ownership than I do. My MIL passed away, so we are going to move in with my FIL (5 of us) in the house my Dh grew up in. We will refinance the mortgage to put our names or DH's name on it and add another 30,000 or whatever it costs to extent the office downstairs out further into a larger 2 bedroom area for him. This should add a great deal of value to the home, I'm wondering that if my name isn't on the loan or if fil doesn't allow it, then I won't be entitled to the equity that's accumulated?
Our offer was to buy the house from him fair and square and he could just pay a small fee for rent/household expenses. However he only has 5 more years to pay and said what he could do is add our name to the loan after its refinanced with the extra room and it would be ours after he died and a gift for taking care of him.
We brought up the fact that his brothers would feel entitled to the house as their inheritance and he didn't seem to see it that way because they don't need a house and we need to use the resources we have to survive. He suggested we could refinance again and split the equity that he accumuliated into 3rds and give that to them.
I want to know, if we ever got divorced, just want to be safe, am I ok if I'm not on the loan? Would I still be entitled to everything owed to me in a divorce? Should I not fight to put my name on it or should I file some sort of other document?