Most popular

Does refinancing affect property taxes?

Does refinancing affect property taxes?

Refinancing won’t impact your property taxes, and it offers many other benefits that can help you reach your financial goals.

What happens to my house if I refinance before marriage?

If I bought a house alone before marriage and refinance alone after marriage, does the house become marital property? Ask a lawyer – it’s free! The general rules are that property acquired before marriage is non-marital property, but that any increase in value of the asset during marriage is marital.

What happens to property purchased prior to marriage?

Property that was owned prior to the marriage is usually considered separate property, along with individual gifts, inheritances, personal injury awards, property acquired in just one spouse’s name that is not used for the benefit of the other spouse and property agreed to be separate.

Can a spouse be a co-owner of a refinance?

Unfortunately in a refinance transaction the lenders usually end up having people name their spouse as co-owners of the property. During the refinance process your lender may have told you that it would be quicker or easier to have both spouses on everything. That may be true for them, but it could have put you in great jeopardy.

What makes a marital home a separate property?

Separate property includes gifts that are made to one spouse, inheritances and property acquired before the marriage and that is maintained separately. A home that was purchased prior to the marriage and owned by one spouse is generally considered separate property and is not subject to division. However, there are exceptions to this rule.

Do you refinance a premarital home after marriage?

You did not refinance the premarital home during the marriage. You did not put any separate property money into the house during marriage or after separation, and that includes mortgage payments, improvements, etc. You did not “transmute” your separate property interest into community property.

Unfortunately in a refinance transaction the lenders usually end up having people name their spouse as co-owners of the property. During the refinance process your lender may have told you that it would be quicker or easier to have both spouses on everything. That may be true for them, but it could have put you in great jeopardy.

What happens to your property when you get married?

In community property states, spouses usually own an equal interest in all property acquired during the marriage without regard to whose name the property is titled in. Also, the spouses own an equal interest in the income owned by either spouse during the marriage and an equal interest in debts incurred during the marriage.

Can a separate property change title in a refinance?

As long as the name on the title of separate property does not change it will remain separate property. Unfortunately in a refinance transaction the lenders usually end up having people name their spouse as co-owners of the property.