What is joint community property?
What is joint community property?
Joint tenancy is a property ownership structure between two or more co-owners in which each person owns an undivided interest of the property (called joint tenants). In California, the majority of married couples hold their real estate property as joint tenants with right of survivorship.
What is the basic premise of community property?
The basic premise of community property law is that property acquired during the marriage by either spouse, unless the result of a gift or inheritance, is community property. Subject to several exceptions, everything else is the separate property of the spouse who acquired it.
Are Retirement Accounts community property?
One of the main questions we get when dividing assets and debts is, “are retirement plans considered community property?” Any retirement plan you have counts as community property, in part. This includes your 401(k), IRAs, and pensions. Then you divorce after you retire. The court considers your spouse fully vested.
Are capital gains community property?
Interest, dividends, rent, capital gains, and other income from investments can be classified as either community or separate income. It depends on the character of the property that’s generating the income.
Why does spouse have to sign deed?
It is also crucial that a spouse know about the loan, even if he or she is not on the mortgage. In general, the spouse must sign a deed of trust, the Truth in Lending and Right to Cancel documents. By signing these documents, they are simply acknowledging the existence of the mortgage.
How do you remove someone from a property title?
The only way to forcibly change the ownership status is through a legal action and the resultant court order. However, if an owner chooses to be removed from the deed, it is simply a matter of preparing a new deed transferring that owner’s interest in the property.
Who acknowledges a deed?
The signatures needed in a real estate deed can vary by state, type of deed, and circumstances. In all fifty states, a deed must be signed and acknowledged by the grantor. Additional signatures may also be required, such as a grantee’s signature, witnesses, a notary public, and the document preparer.
Can someone steal my home equity?
Home equity fraud is a type of real estate fraud. Real estate fraud occurs when one party intentionally uses false information or makes a false representation relating to real estate. In general, home equity fraud occurs when someone tries to steal the equity a homeowner has built up in her home.
