Real property ownership change due to marriage, divorce or death of a spouse
Irvine, CA (PRWEB) October 30, 2014
Deed and Record prepares deeds, affidavits, trusts, court motions and probate petitions for California real property and real estate due to marriage, divorce or the death of one spouse. The services expanded are explained in this press release.
Service has been expanded to protect separate real property in a marriage. One spouse comes into a marriage owning real property in California. The cheapest and easiest way to avoid probate is to add the other spouse on title as owner by deed. But California is a community property state.
In the event of divorce both spouses will have equal ownership of the real property. Deed and record continues to prepare deeds to add a spouse as owner but now prepares separate property, living trusts. The trust is backed up by a transmutation agreement affirming and acknowledging the separate property interest.
Separate real property is transferred into the trust. On the death of the owning spouse the real property is transferred to the surviving spouse. In the event of divorce the real property maintains in separate property advantage and belongs to spouse who bought the real property.
Deed and Record has also expanded its services for divorced spouses. By court order or stipulated agreement real property in a divorce is awarded to one spouse. But transfer of ownership is not complete. The non-owning spouse must also be taken off title with the County Recorder.
Deed and Record provides documents and service to bridge the ownership transfer from the Superior Court to the County Recorder. A spouse is taken off title with the County Recorder either voluntarily or by motion filed with the court.
A cooperating spouse signs a deed granting all of his or her one-half interest in the real property to the other spouse. The deed, also known as an inter-spousal deed, is filed with the County Recorder. Deed and Record continues to prepare and record inter-spousal deeds.
Deed and Record has expanded it service for those spouses who refuse to sign the deed. The non-cooperating spouse is removed by a motion filed with the Family Court. The motion requests an order for the Clerk of the Court to sign the deed on behalf of stubborn ex-spouse. The deed is then filed with the County Recorder.
Regardless of the method, the non-owning spouse is not removed as a borrower and remains liable for the debt. To end responsibility for the debt, the loan must be either refinanced or paid off.
Deed and Record continues to provide non-probate transfers of real property by affidavit of death. Couples who own real property in California as joint tenants, community property with right of survivorship or in trust will avoid probate on the death of the first spouse. These forms of title allow for surviving spouse ownership by filing an affidavit of death with the county recorder.
The problem remains of probate on the death of the second spouse. To avoid probate on the death of the second spouse a trust is needed. Deed and Record has expanded service from just preparing deeds for existing trusts to creating the trust.
Affidavit of death will not work for California real property owned solely by one spouse. Transfers to the surviving spouse are done by small estate administration, spousal petition or by formal probate administration.
Small estate administration is for a deceased spouse who had less than $150,000 in assets. The real property’s market value on date of death must be less than $150,000. Deed and Record continues to offer this service of expedited filings with the Superior Court for real property less than $150,000. But service has now been expanded to spousal petitions and formal probate petitions in Superior Court.
Deed and Record prepares deeds, affidavits, trusts, court motions and probate petitions for California real property and real estate due to marriage, divorce or the death of one spouse.
This press release is provided by Mark W. Bidwell. Mr. Bidwell markets timeshare title transfer services through websites, primarily http://www.DeedAndRecord.com. Deed and Record provides change in ownership for California real property due to marriage, death and divorce. Office is at 18831 Von Karman Avenue, Suite 270, Irvine, California 92612. Phone is 949-474-0961.