All this is much easier with a divorce decree. However, most lenders will require a notarized quit claim (a specific format may be needed) from the spouse who is not on the deed--and they will not include the spouse's income or put the them on the loan.
No, what you inherit is yours and not part of the marriage.
Any owner of real property must sign a deed in order to transfer title to a new owner. If both spouses own it then both spouses must convey it.
it's your house. it's your house.
Yes. That's why you shouldn't share an account.
No, it is a community property state. In a CP state all property acquired during the marriage is considered to be equally owned by both spouses, and in most cases all debts incurred during the marriage are considered to be the equal responsibility of both spouses.
Both spouses are responsible for the DEBT represented by the lien, but the lien can only attach to the interest of whoever is actually on title to the property.
Only the spouse who will not be getting the property needs to be a grantor on the deed. In essence, one of the spouses is surrendering their share of the property over to the other.
Generally, not if the property will be in the wife's name alone and her income is enough to qualify her as the sole borrower for the loan. Some lenders insist that both spouses sign the mortgage.
No, it is a community property state. Tenancy By The Entirety is reserved for married couples only. In a CP state all property acquired during the marriage is considered to be equally owned by both spouses, and in most cases all debts incurred during the marriage are considered to be the equal responsibility of both spouses.
No. However, if the married couple reside in a community property state it does not matter if one or both spouses are named on a loan contract. In community property states all debts that are incurred in the marriage are equally owed by both spouses regardless of which one is the named debtor.
No, but laws in each state differ. A property can be titled for one spouse and not the other. It's best to check with a title company in the state where the property is located. Sometimes, the spouse that has no interest in the property will have to sign a form stating stating this.
Legally spouses share all property equally, what is owned by one is the property of both.
Minuscule. Deaths are usually separated by seconds, minutes or longer time periods. What is certain is that they will eventually die.
If both spouses own a home, then any real estate agent who is doing his or her job will not list a home without both spouses signing the listing agreement. Likewise, if both spouses own a home, then both spouses must sign a contract to sell the house.
There are nine community property states - Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In addition, Puerto Rico is a community property jurisdiction. These states generally regard as community property all property that has been acquired during the marriage, other than a gift or inheritance. Even if one spouse earns all the money to acquire the property, all the property acquired is considered to be community property. While there are a number of differences in each state, all states have special laws that operate on the theory that both spouses contribute equally to the marriage; thus all property acquired during the marriage is the result of the combined efforts of both spouses. In community property jurisdictions, spouses equally own all community property (fifty percent owned by the husband and fifty percent owned by the wife).
Michigan is not a community property state, it is an equitable distribution state. Marital property and assets are divided in a manner that will allow both parties to have as equal a share as possible, but not necessarily a 50-50 division.
Bankruptcy has some effect on both spouses regardless of where they live. Unless the two spouses have taken great care to ensure that their assets are entirely separated from one another, then there is likely to be some part where the spouse will be financially affected by a bankruptcy. For details you should contact a Minnesota bankruptcy lawyer (see related links). They will be able to provide specific information about how a spouse could be affected by bankruptcy.
The deed to property and the wording of the deed establishes ownership. If a married couple does not reside in a community property state it is very important that both spouses be on the deed with the correct ownership status noted. In a case of death where only one spouse is listed on the financial agreement but both are named on the deed the probate laws apply. If the surviving spouse wishes to retain the property and he or she is not a co-buyer they will most likely be required to reaffirm the mortgage with the lender if the mortgage was not protected by insurance.
yes. yes they do
Cleopatra had only two spouses and they were both her brothers. The others were side men.
Equitable distribution is designed to provide for the needs of both spouses as much as possible without worrying about splitting the property down the middle. But because there are so many variables, there is no set rule as to how your property might be divided.
Inherited property, if kept separate, does not generally become community property. However, community property laws differ so you should consult with the attorney who is handling the estate for advice if the state where the estate is being probated is also your home state.