|
Separate Property
Separate property is property and debt that is not considered marital property. It may be from before the marriage, or an inheritance or gift. Just because a party acquired property before marriage does not necessarily mean that it won’t be considered marital property. A spouse's premarital separate property can become marital when a married couple demonstrates an intent, through their words or actions during marriage, to treat one spouse's separate property as marital property. Figuring out whether a piece of property or a particular debt is separate or marital can be very complicated and requires legal advice. See marital property.
Question: Name of form needed to make sole and separate property if married? I live in California, I am buying a house as my sole and separate property, what is the name of the form that my husband will need to sign? Or document # is fine also.
Answer: It is called a disclaimer deed, in which he acknowledges that he has no rights or interest in the property you are buying. The title company handling your sale will prepare it and have him come in to sign it.
Question: In which cases can the separate property of one spouse be taken to pay a legal judgement against the other? With an existing prenup designating separately-owned property acquired prior to the marriage, in what cirumstances can the separate property of one spouse be taken to pay a legal judgement against the other spouse?
Answer: in noway
Question: Will the house be considered community or separate property under the following circumstance? If my husband bought the house we live in before (July 2003) we married (October 2004), but we have both been paying the mortgage since before marrying (January 2004) and of course all during the marriage, and I am now pregnant, will the house still be considered separate property and not community property?
Answer: Assuming you live in a community property state, the "community" does not come into play until you are married. The purchase of the house does not include you as an owner, so the funds paid until that time are not going to count as commnuity funds.
After the marriage, and assuming community funds are used to pay the mortgage...and not some inheritence or other separate funds...you will be entitled to some equity in the house as a community asset. However, this will NOT include whatever he paid for a down payment or any equity that accrued before the marriage. Community property laws vary from state to state, and there is no "answer" that you can find here without being more specific and without doing some legal research on the issue in your state.
The best thing to do is to have your husband quit claim you onto title. Unless there is trouble in paradise, this should not be a problem. If you are just wondering for the sake of wondering, that's OK. If you are wondering because you are contemplating or expecting a divorce, you should try to get this resolved. The good thing for you is there probably is not a lot of equity to worry about in such a short time...if it isnt underwater like most people today. But as time goes by, the value of the house will become a more important issue.
Question: My mother wants to buy a house, she hopes to get married one day but wants to keep it separate property? My mother has $200,000 to put towards a house in California. She is hoping she may get married one day, but does not want her future husband to have a claim in her property if she dies.
She plans to give the property to me (her only child) and my children when she dies.
If her future husband lives in her home with her, how can she keep it separate?
If he does any work on the house, like repairing the roof, doesn't it become community property in California?
Isn't it the same thing if they have a joint account and pay the mortgage payment out of the checking account?
Answer: Have him sign a prenuptual agreement.
Question: Separate property laws in a divorce in California? Can I claim community property as separate property after my separation date? I've been told this by a couple of attorney's.
Answer: That's surprising. My ex also got some pretty foolish advise - he says from an attorney. He decided to try and rip me off instead of just talking to me about it. He was quite mistaken & has had to pay everything he owed.
Claim it where? All community property is addressed in the judgement. Property you got after separation is generally considered your separate property - that is also written into the judgement. I wouldn't attempt to buy something using community assets, though.
I'm not exactly sure what you're asking. If you try to get rid of something that's community property, you will still owe the other person 1/2 of it's value. In my opinion, it's better to just lay out everything and decide w/ the other person (or their attorney) who gets what and have it put in the judgement. If you really want something - give the other person something they want in return.
Get familiar w/ family law - there are all kinds of resources on the internet. I did and it was well worth my time.
http://www.courtinfo.ca.gov/selfhelp/fam…
http://www.supportcourt.com/california_f…
http://www.divorcenet.com/states/califor…
http://www.divorcesource.com/info/divorc…
Question: CA resident married - Have joint assets and separate property trust - how do I report income from trust? I keep the separate property trust (revocable) in order to keep inheritance as separate asset from our community property.
If I report the incom from the trust on our joint 1040, and pay the tax owed out of joint funds, wouldn't that be interpreted as co-mingling the funds?
Is there a way to file separately for the trust alone? Would that even make sense?
Answer: As mentioned below, income from a revocable trust is included on your 1040. Just because you file Married Filing Jointly, the tax filing status does not destroy the separate property nature of the corpus (assets) of the trust. You method of filing has no direct effect on California community property law.
A concern you may run it to is if you pay taxes on the trust income out of a joint account, your spouse may be entitled to reimbursement of taxes paid from the joint account in a divorce proceeding. Also, if you deposit the trust income into a joint account and both you and your spouse have access to account, you run the risk of co-mingling that portion of the trust income.
Question: If i am married and buy a house how to make it separate property. (Maryland plz)? I would like to buy a house, but I want to make it my separate property. We don't have a pre nap. If we sign the postnuptial agreement would it be enough, or is there any chances my husband can lay claim to the house in case of separation or divorce?
My parents are selling an appartment, and they want me to buy my own place with this money. I don't wan't them to end up losing their money because of my mistakes.
Answer: Cut it in half before you buy it.
Question: How do you acquire separate property when you are married and community laws apply? I am married and governed by community property laws. What do I need to do to buy a property which I can own it myself, not shared with my spouse?
The property I am talking about is real estate, like second home or rental home
Answer: Buy it and only have your name on the title. Be prepared to prove that none of the down payment came from community property funds. IE: Did you take the down payment out of a bank account that had both your names on it? If you did, then she owns part of the house even if you are the only one with a name on the title.
Use money you had before the marriage or money you got from inheritance as that is considered non-community property funds.
Move to a state that does not have community property.
And even if you do all of this, if you get divorced you may get the property and she will get an equal amount of funds to compensate. IE: You get that house and she gets the house you live in.
Question: Changing title in CA from Married man sole & separate property to Community property? I was married when I bought the house in CA but decided to register the title as Married man sole & separate property.
I am going to re-finance now & was thinking of registering the title as Community property with my wife.
Will this be considered as a taxable event for my wife (we file taxes a Married filing jointly).
Answer: no
Question: Can a married person in Arizona buy property as his sole and separate property? My aunt is planning to purchase a condo with inherited funds. A real estate agent here told her she must put her husband on it. I don't think she does and I'm having a tough time finding the information with the Department of Real Estate. Thanks for the help!
Answer: Is Arizona a community property State?
Arizona Revised Statutes (A.R.S.) § 25-211 provides that all property acquired by either husband or wife during marriage is community property, except that which is acquired by gift or by inheritance. Generally income from community property is divided equally between both spouses
Question: How do you get a release of lien if 2nd husband's bad debt resulted in lien on your SEPARATE real property? trying to clear title to an inherited home from deceased mother. her 2nd husband's default on a loan resulted in a lien being place on my mother's separate real property (the home she had with her 1st husband). 2nd husband was never on the title. HELP!
Answer: Attention Applicant
We the management of ERIVAN LOAN financier for real estate and any kinds of business financing.We offer Loans to individuals,Firms and other cooperate bodies who are in need of financial help or assistant at a reduced interest rate.we also trade on us dollars and pounds sterling. Loan terms determinant,and Capital is based between the range of $5,000 or 5.000pounds to $50.000 or pounds and above,Loan for developing business a competitive edge/business expansion.
We offer the following loans category:
*long term loan 15years to 25years
*mid
term loan 8years to 15years
*short term loan 1year to 8years
* Payday Loan
* Student Loan
* Mortgage Loan
* Personal Loan
* Business Loan
* Bad credit Loan
* Home equity Loan
* Debt Consolidation Loan
CONTACT US ON OUR E-MAIL [email protected]
Question: My husband has separate property, can he use a quit claim to make it community property? I have lived in his house for 3 years and have paid half of the HOA fees, property taxes and mortgage, PLUS an extra $1000 a month towards the loan principle for the entire 3 years.
I think that it should now be community property since we have been married a year and a half and together for 5 years.
Can he use a quit claim to make it community property?
Can we just go to the court house and fill out the paper and pay $10 for the processing fee?
Is it that easy?
Answer: Unless you're really planning a divorce, I don't see how it matters. Anyway, what you really need is a post-nuptial agreement. In that agreement he and you can agree that the entire equity you have in the house is community property.
If I were him, I would sign it only if it recognized that the equity he had in the house at the time you moved in was my separate property.
Question: gifting limits married but separate property WA? Hi, my aunt lives in Washington State and wants to gift me a portion of the ownership in her hay field. She's married but owns the field as her sole and separate property. She wants me to research the gifting limit for this transaction.
My question is, can she gift me $12,000, the amount for a single individual, or $24,000, the amount for a married couple?
Answer: The annual limit is $13,000, not $12,000.
Since she is married, she can split the gift with her spouse if she wishes and he agrees to do so. If they decide to do this, the limit doubles to $26,000 however they must each file a Gift Tax to assert this benefit if the amount of the gift exceeds the $13k annual exclusion amount.
Who actually owns the property is irrelevant when it comes to gift splitting by a married couple. And how they file their income tax returns is also irrelevant. Gift Tax returns cannot be filed jointly so this is why they each must file a return to take the benefits of gift splitting.
Question: How do we use this property to separate the liquids? Describe the characteristic property in which two liquids must differ before we can consider separating the mixture using fractional distillation techniques. How do we use this property to separate the liquids?
Answer: I believe the property you are looking for is the boiling point, if I am not mistaken.
In fractional distillation, you take two or more miscible liquids whose boiling points are within 25 degrees Centigrade of each other and place them in a round-bottom flask that is then connected to a fractionating column and a water-cooled condenser... how complicated or simple the setup is depends on what exactly you are trying to achieve. You heat the liquid mixture that is in the round-bottom flask and the more volatile liquid will evaporate into the fractionating column and the condenser, where the cooling effect of the water will cause it to re-condense so that it can be collected in a separate container.
Hope this helps. Any more chem questions, let me know. I'm a chem major, so I have no sources... I just pulled it from my own head.
Question: I need to change a community property in California from Joint to Separate Property; what form do I need? Husband and wife are both in agreement, possible divorce within the year so they want to settle some properties amicably; is this possible via Quit Claim?
Answer: Not until after the divorce. CA is a community property state, nothing you sign changes that.
Question: do you you have to declare separate property in divorce proceedings? I am australian. I owned a lot of shares for before marriage and have only been married less than a year.
Answer: That my dear is a territory question laws change from country to country state to state county to county.
I hope I assisted you
Peace
Question: Any lawyers out there? Separate property question for California? Question: I live in CA which is a community property state. However, my hubby had me sign a quit claim deed that states that is his separate property. We have done a lot of maintanance to property and paid property taxes with community money along with community funds paying mortgage. Do I actually have a claim on a portion of the property in the event of a divorce or if he dies. He has adult children. Do the adult children have a claim to the property in the event of his death?
Answer: If he owned or had a contractual right to buy the realty before marriage, then by "inception of title" the property is characterized as his separate property, regardless of the quitclaim deed. If he acquired the property during your marriage by inheritance or by gift, then it is his separate property, regardless of the quitclaim deed.
If none of the above apply, then the property was "community property" before the quitclaim deed. By virtue of the quitclaim deed, the previously characterized community property became his separate property; however that is arguable, and not a fait accompli. Case law in community property states have not given effect to some deeds between spouses when each party did not voluntarily, without duress, or other credible reasons, intend to make a true gift to the other spouse by the conveyance by deed.
3rdly, even if it were to be considered his separate property, and the same was your marital residence at time of his demise, then you would have a life estate in the property.
4thly, I would consider putting all persons on "notice," such as title examiners and the like, by executing a Revocation of Quitclaim Deed and file the same in the Deed Records of the county in which the realty is located. Whether or not that would be given any legal effect is questionable, but it may provide an opportunity to stall a quick conveyance of the property before you had a chance to make any arguments that you may have.
5thly, if it is finally resolved that the property is his separate property, then the community property estate, at time of probate or dissolution of marriage, has a claim for economic contribution based on the enhancement of the separate property realty by improvements and for reduction of the mortgage indebtedness by funds belonging to the community.
Lastly, the matter is sufficiently significant to your future so as to prompt a consultation with a local attorney.
Question: Differences in what property are used to separate mixtures of compounds when doing a distillation? Distillation is a seperation technique. On the basis of what physical property are separations achieved? (In other words,differences in what property are used to separate mixtures of compounds when doing a distillation?) Please help!
Answer: when distilling you're separating compounds using their different boiling points - the compound with the lowest boiling point evaporates first and is collected as condensate. As heating continues compounds in the mix with progressively higher boiling points evaporate and are collected separately.
Question: How might you use the property of density to separate a mix of plastic and glass bottles and metal cans? one of the problems in recycling emty containers is the they must be sorted so simlar materials can be proccessed together.How might you use the property of density to separate a mix of plastic and glass bottles and metal cans?
Answer: You could soak them in liquid, where the densest would sink to the bottom(metal), the less dense would stay in middle(glass), and the least dense would float on top(paper). Then they would be sorted:)
Question: I purchased a commercial property with a separate small house about a year ago, can I sell the house now? the small house sits on its own property. The bank had it listed for sale separatly from the business we bought, even tho the utilities are attached to our business. We bought the entire property out of foreclosure, so the bank tossed in the small house. It is not listed as separate property in the paperwork. We now want to sell the small house and apply the money to our business. The bank doesnt seem to want to let us do that, they avoid the issues..They knew we wanted to sell it from the beginning, but now, act like its up to them.. We want to know if we have the right to sell this property anyway. And does all the money HAVE to be applied to the property ..thanks...
Answer: The bank is reluctant to have you sell probably because when they did the loan it was probably based on a combined value of the business and underlying R/E and the SFR property. If you liquidate the SFR, they will be forced to reduce the loan (so that it is in compliance with the just the value of the business and underlying R/E) and call on the balance. This means that what ever you gain from the sale would be applied towards the loan...so in effect, it is up to them. Look at your loan covenant...if you change the structure of the loan by selling the SFR w/out their approval, they will be royally upset and I bet they CALL on the loan.......
Separate Property Related Products and News
|
|
|
|
|