As a general rule of thumb in North Carolina, if you're married and looking to sell property, it's important to know that both spouses must sign the deed. This is because, regardless of whether the property was acquired before or after marriage, a spouse acquires a legal interest in their partner's real property.
Since your home was purchased during the marriage regardless of who's name is ***** ***** deed, it is a marital asset and will be subject to be split by a judge. If at anytime you need an attorney to assist you, you can find an attorney by contacting the bar association and asking for a referral to one.
Generally speaking, in North Carolina, spouses who own assets prior to getting married take their assets with them when they go, UNLESS they make the asset a gift to the marriage, in which case it likely becomes marital property.
If your spouse is willing to sign an affidavit that states they understand you are purchasing this property as separate property and agree not to be on the deed, then you can purchase without the spouse being on the deed.
In many cases, the spouse can inherit your house even if their name was not on the deed. This is because of how the probate process works. When someone dies intestate, their surviving spouse is the first one who gets a chance to file a petition with the court that would initiate administration of the estate.
It is generally impossible to evict a property owner whose name is on the deed. However, let's say there are unresolved debts, like mortgages or liens. A lender or lienholder may initiate foreclosure proceedings. The property could ultimately disappear as a result of this.
North Carolina also recognizes separate property, which is property that belongs to one spouse and not the other. Separate property includes: Inherited property, such as money or real estate. Property acquired prior to marriage—including real estate, bank accounts, and vehicles.
California: As a community property state, property acquired during the marriage is generally divided equally upon divorce. However, the pre-marriage-owned property remains separate unless actions during the marriage, like commingling funds or transferring property into joint names, have made it community property.
At least five years but less than 10 years, the surviving spouse takes 25% of the Total Net Assets. At least 10 years but less than 15 years, the surviving spouse takes 33% of the Total Net Assets. More than 15, the surviving spouse takes 50% of the Total Net Assets.
As per Indiana Code 31-15-7-4, unless the property was protected by a prenuptial agreement, any assets that were acquired either during or before marriage are considered marital property and will be included as part of the inventory for distribution.
While there are some good reasons to add your new spouse to your Deed, there's also a reason why you shouldn't. Ultimately, there is no right answer. When you put your spouse on the Deed to a property that you owned individually prior to marriage, you are creating what's called a tenancy by the entireties.
In California, the state follows a 50/50 law, which means that any assets that were acquired during the marriage are split equally between both spouses. While this may seem like a fair approach to asset division, it can create problems for individuals who want to keep what's theirs.
Spouses in North Carolina Inheritance Law
If you have no living parents or descendants, your spouse will inherit all of your intestate property. If you die with parents but no descendants, your spouse will inherit half of intestate real estate and the first $100,000 of personal property.
The title is the concept of legal ownership while the deed is the document that proves ownership. Moreover, you can't have a valid house deed if you don't hold title.
Now you want to sell it. Does your spouse have to sign the deed? The answer to this question is “yes, your spouse must sign.” And here's why: If you live in North Carolina, your spouse is always a beneficiary of your estate.
A: There is no set amount of time spouses must be married to receive alimony, and there is no amount of time spouses must be married to guarantee alimony. However, the longer a marriage is, the more likely it is that the court will award spousal support.
“If one person wants to retain the home, they must buy out the other party's share of any community property equity in the residence,” says Holly J. Moore, founding attorney at Moore Family Law Group in Newport Beach, California.
There is no set minimum period of time that you have to be married before these laws apply. Assets include personal property and real property like land and buildings. With few exceptions, the following types of community property may be divided during the divorce process.
FAQs. Is it legal to empty my bank account before filing for divorce? No, it can be viewed as an attempt to conceal or deprive your spouse of assets, leading to legal penalties.
Property can be divided in any amount. However, in most North Carolina divorce situations, equitable distribution law presumes an equal 50/50 division – meaning each spouse receives half of the estate.
Property, like real estate, belongs to both spouses only if the title or deed is in the names of both spouses. With both names on the title, each owns a one-half interest or 50% interest unless otherwise specified.
What Does It Mean If Your Name Is Not on the Deed? If your name isn't on the deed, you're not the legal owner.
A quitclaim deed transfers property ownership from one person to another without any warranties of title. In a divorce, one spouse may use a quitclaim deed to transfer his/her interest in the property to the other, effectively removing his/her name from the title.
Co-Owner's Right to Access the Property
A fundamental rule of co-ownership in California is that: “One of the essential unities of a joint tenancy is that of possession. Each tenant owns an equal interest in all of the fee, and each has an equal right to possession of the whole. Possession by one is possession by all.