Is there such a thing as marital property?

Whilst at law there is no such thing as “marital property”, it is a popular term to describe all earnings during the marriage and everything acquired with those earnings. For example, if you and your spouse bought a house together and continually paid a joint mortgage, the house would be considered to be marital property.

What happens to the house if only one spouse is on the title?

The spouse who is on the title can bequeath the property to someone other than their spouse in the event of his or her death. He or she could, for example, leave the home to their children instead of to you.

Do you have to sign title if you are married in Texas?

Also, because Texas is a community property state, our laws presume that real estate is community property during a marriage. The title company wants to make sure the spouse doesn’t have other rights to the real estate. When the seller is married, there typically isn’t a big issue with getting a spouse to sign paperwork.

How does marital status affect the sale of a home?

At least not when it comes to a real estate sale. When someone in a real estate transaction – either the buyer or seller – has been married, is getting married, is separated, is divorced, or is in any past or present state of marriage, it can affect the sale of a property. Well, sure, it can affect your mental state, too.

Who are the owners of the property during a marriage?

If you live in a community property state, the rules are more complicated. But in general: spouses own equally almost all property either one acquires during the marriage, regardless of whose name the property is in half of each spouse’s income is owned by the other spouse during the marriage, and

What are the states that define marital property?

Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico and Wisconsin are all community marital property states. These states follow the rule that all assets acquired during a marriage are considered “community property.”. Marital property in community property states are owned by both spouses equally.

What makes a marital property a community property?

Community property states follow the rule that all assets acquired during the marriage are considered “community property.” Marital property in community property states are owned by both spouses equally (50/50). This marital property includes earnings, all property bought with those earnings, and all debts accrued during the marriage.