Loan is in my name only, should I add spouse to title? if so how should it read? what is the diff?

Answer 1

It really depends where you are. In California its a community property state, so even if they are not on title, half of it is still theirs.

There are ways of taking them off. You can deed off your spouse even if they are not on title with a quitclaim deed. This will make it so you are the sole owner.

If you want to put them on. There are different ways of holding title. Joint tenant, tenants in common, community property. Joint tenants is where once the other tenant dies, the property is split between the remaining title holders. Tenants in common is just people holding title in any percentage. Community property is 50/50 with your spouse. You should take to a title office about this.

Answer 2

I do not know your marital situation on whether you should add your spouse or not but if you do the 2 most common ways to hold title as a married couple are:

H/W as joint tenants - which automatically gives the rights of the property to the other spouse if one of you should die

H/W as community property - does not have automatic rights of survivorship which would mean that if there was a will that spouse could leave his/her share of the property to who they wish.

Answer 3

Since the subject is real estate, I imagine you are talking about a house. Adding your wife's name to the title is not as simple as it sounds. There are some things that have to be paid for again and then the name can be added. Mr. J. Smith and Mrs. P. Smith, joint tenants in common

Answer 4

ya,and it should read,My loan!Hollywood