Why did I have to sign an Interspousal Transfer Grant Deed when we refinanced our home?
Full Question:
Answer:
California is a community property state. In a divorce, the courts in California will divide the community property of the parties equally after setting aside to each spouse that spouse's separate property. Community property is presumed to be all property acquired by the parties during the marriage and held in joint form. This presumption may be rebutted by a clear statement in the title by which property is acquired that the property is separate and not community property or by proof that the parties have a written agreement that the property is separate property.
An interspousal transfer grant deed is used to transfer real property between spouses so the property is not reassessed for tax purposes, and may be used to convert community property into separate property. It is sometimes used when one spouse suffers credit problems that adversely impact the other spouse.
