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Effect of lien strip on jointly owned property with nondebtor [18 Attachments]
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Correction: I assumed the co-ownership was JT, but I now see that the facts do not say that.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green
Attorney at Law
Fitzgerald & Green, Attorneys at Law
1010 E. Union St. Suite 206
Pasadena, CA 91106
Tel: (626) 449-8433
Fax: (626) 449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.
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Note that the marriage did not transmute the property to CP. It will overtime potentially create a cp interest due to payment of the mortgage principal from cp funds, but as of the date of marriage they each have separate property, jointly owned and the marriage does not change its character. They each need to transmute their sp interests to cp. A formal transmutation agreement is required. A deed will do if properly drafted.
In transmutations, typically only one spouse is transmuting their sp to cp, so separate counsel for each party is the best practice. I cannot tell from the facts how now husband got on title. The facts say he is on junior loan, which implies he was not a purchaser, but as he apparently has an undivided one-half interest as a JT. Thus any transmutation would be each party transmuting an equal amount of sp to cp. For this, one attorney might be okay, but I would want to make a written disclosure of the pros and cons.
Yes, 524 applies if the property is transmuted to cp, but the protection is by its nature, a tenuous one. Marriages are terminated by death as well as divorce, so he is vulnerable to losing the discharge under those scenarios.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green
Attorney at Law
Fitzgerald & Green, Attorneys at Law
1010 E. Union St. Suite 206
Pasadena, CA 91106
Tel: (626) 449-8433
Fax: (626) 449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.