Adding Spouse to Deed

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akost

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I purchased my home as married sole owner. My wife signed a quit claim deed. I want to add her to the deed by quit claim deed from me to myself and her. On the Deed of Trust for the lender under the section for grounds for acceleration of debt it states in section (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including section 341(d)..) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part to the Property, or a beneficial internet in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or decent) and (ii)The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the requirements of the Secretary. Do I need to contact my lender?
 
Why go through that trouble?

She's your spouse and by virtue of marriage, these extra steps are unnecessary.

The only reason you'd want to do what you're proposing, is to entrap her with the debt, should the marriage fail.

I'm not saying that is why you're approaching it this way, but that would be the result for her!

You live in a community property state.

She is entitled to inherit property upon your death, anyway.

You can tell the lender to permit her access to your mortgage account, with a phone call.

She can make all transactions, payments, inquiries if you authorize her access.

It is must easier than what you propose.

What one acquires during the marriage, you both own.
So, no need to worry about putting both names on everything.
That is what your marriage license (contract) authorizes in CP states!

Overview
Special rules apply to spousal property and income in the community property states:

* Arizona
* California
* Idaho
* Louisiana
* Nevada
* New Mexico
* Texas
* Washington
Click to expand...


Defining Community Property

Community property is everything a husband and wife own together. This typically includes all money earned, debts incurred and property acquired during the marriage.

Community property states classify the following as a married couple's joint property:

1. Any income received by either spouse during the marriage.

2. Any real or personal property acquired with income earned during the marriage. This includes vehicles, homes, furniture, appliances and luxury items.

3. Any debts acquired during the marriage.

Under community property, spouses own - and owe - everything equally, regardless of who earns or spends the income.

What Stays Separate in a Community Property State

Broadly, separate property in a community property state includes:

1. All property owned by a spouse prior to marriage.

2. Property obtained by a spouse after a legal separation.

3. Any property received as a gift or inheritance during the marriage from a third party (as long as this property remains separate from community property, such as joint banking accounts).

Also, pre-marriage debts remain separate property. For example, educational loans acquired before a marriage wouldn't become community property.

But separate property can transform into community property. For example, if a spouse who owns property before the marriage adds the new spouse's name to the deed, that home becomes community property.
Click to expand...

http://www.legalzoom.com/marriage-divorce-family-law/divorce/ins-and-outs
 
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I appreciate your response. I was aware of that but the quit claim deed states "Transfer from spouse to spouse to eliminate community property interest". Does this change anything?
 
akost said:
I appreciate your response. I was aware of that but the quit claim deed states "Transfer from spouse to spouse to eliminate community property interest". Does this change anything?
Click to expand...

The transfer you posit eliminates a community property interest that isn't there by statute.

It doesn't transfer anything to her, because by operation of law, upon marriage she gets no interest.

Quitclaim deeds aren't worth the paper on which they're printed.

Since you acquired the home before the marriage, she has no interest in the home while you're alive.

She has none if you divorce.

She only inherits the home if you predecease her.



How does the quitclaim deed serve her or you?

I see no benefit.


If you aren't divorcing her, why do that?

Besides, if you divorce her, the home isn't on the table to be carved up, anyway.

It isn't necessary in a community property state.

It can be done.

I wouldn't do it, nor would I advise a client to do it.

The statute does what you believe you need to do.


Sent from my iPhone using Tapatalk
 
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