Confused Paul
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 Posted: Fri May 15, 2009 10:09 am Post subject: Interspousal,Quit Claim,Wifes Inheritance,CA,Divorce |
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Sorry all!
It's hard to sum everything up in the subject line. I've done a lot of searching here and am even more confused than when I started. There seems to be no exact post that fits my situation. Here goes with my question.
Here are the relevant points:
My wife and I live in California.
Last year she, along with her 4 sisters, inherited some California rental property.
My wife and 1 sister are buying out the other 3 sisters.
As part of the buyout process, apparently the 2 sisters' husbands have to sign *both* an Interspousal Transfer Deed and a Quit Claim deed.
I thought that inherited property was exempt from Community Property in my state.
My questions are these
If inheritance is not considered Community Propery, why do I have to sign anything at all? Dosen't that mean the property is hers alone?
I'm not planning on getting one, but if we divorce, what interest do I have in the property if I don't sign? If I do? Am I giving up any rights/financial interest if I sign them?
Thanks in advance for your patience!
Paul
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 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
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| Posted: Fri May 15, 2009 8:54 pm Post subject: |
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Hi Paul,
As far as I know, in most of the Community Property States, inherited property which is acquired after marriage is not considered a Community Asset. It is considered as a separate property of the spouse inheriting the property. I don't think there's any need for you to sign an inter-spousal deed or a quitclaim deed. However, you can contact an attorney and get his opinion in this regard.
Feel free to ask if you have further queries.
Sussane |
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