What is required if a married person is buying or refinancing a primary residence without their spouse on the mortgage?
Common-Law States This means that you're not required to share ownership of property you acquire while you're married. In a common-law state, you can apply for a mortgage without your spouse. Your lender won't be able to consider your spouse's financial circumstances or credit while determining your eligibility.
How does separate property become marital property?
Transmutation is a term used in family law to describe property that has been transformed from a party's separate property into marital property. A spouse's separate property includes all property he or she owned prior to the marriage, acquired by gift from a third-party during the marriage, or received by inheritance.
What happens when you divorce and you own a home together?
Divorcing couples can decide to keep owning a home together, agreeing on details like how mortgage payments will be split, when they'll be paid each month, when it will eventually be sold, and who will get the proceeds of the sale of the house at that point.
Is a house a premarital asset?
Owning a house before marriage of course means it is premarital property. It also does mean you should have a separate property interest in it during divorce.