What is a legal separation in Arkansas?

What is a legal separation in Arkansas?

Legal separation is like divorce in that the process begins with one spouse filing a motion (request) with the court, the couple decides the same legal issues, and creates an agreement. In both legal processes, the court decides all issues if there are disputes over the terms of the divorce or separation.

Is Arkansas a community property state?

Arkansas is NOT a community property state, which means that marital property is not automatically divided 50/50 between the spouses in a divorce case.

Why does a non borrowing spouse have to sign the mortgage?

The mortgage or deed of trust says that if you don’t, the lender can foreclose on the house. If your spouse isn’t your co-buyer, she doesn’t have to sign the note, but the lender may insist she sign the mortgage. That ensures the lender’s claim on the property trumps any marital rights she has to the house.

What happens if my spouse dies and my name is not on the mortgage?

Federal law prohibits enforcement of a due on sale clause in certain cases, such as where the transfer is to a relative upon the borrower’s death. Even if your name was not on the mortgage, once you receive title to the property and obtain lender consent, you may assume the existing loan.

Should I put my wife’s name on the house?

When it comes to reasons why you shouldn’t add your new spouse to the Deed, the answer is simple – divorce and equitable distribution. If you choose not to put your spouse on the Deed and the two of you divorce, the entire value of the home is not subject to equitable distribution.

Can my wife be on the deed if not on the mortgage?

The names on the mortgage show who’s responsible for paying back the loan, while the title shows who owns the property. You can put your spouse on the title without putting them on the mortgage; this would mean that they share ownership of the home but aren’t legally responsible for making mortgage payments.

What is the difference between a title and a deed?

The Difference Between A Title And A Deed A deed is an official written document declaring a person’s legal ownership of a property, while a title refers to the concept of ownership rights. A deed, on the other hand, can (and must!) be in your physical possession after you purchase property.

Can I get my ex off the mortgage?

Even if you’re happy for your ex-partner to remove you from the mortgage, the lender won’t allow it unless your ex-partner meets their affordability criteria – i.e. they show they can support the whole mortgage either by themselves or with whomever may be replacing you on the mortgage.

Can I sell my house if my partner doesn’t want to?

If you want to sell and your partner doesn’t (or vice versa), one person can begin an action of division and sale in court. However, the other party can petition the court to a division of the proceeds, or to buy the place at a market price or one decided by the court.