What Is A Sole And Separate Agreement

During our discussion with the securities company, we heard about another case where an elderly couple had taken out a reverse mortgage. At the closing, the woman untnowingly signed a single, separate agreement. The husband died and the bank tried to close the property because the wife did not technically own the property. Imagine paying off your home and getting a reverse mortgage to support your cash flow in your older years, only to find yourself evicted from your home because of a document you didn`t know you had signed. In the state of Arizona, all property is assumed to be community property. However, property is marked at the time of its acquisition, and if you owned property before your marriage, it is and remains your separate property – unless you have given it to your spouse, entered into an agreement to transfer it to your spouse, or mixed it with your spouse`s property AND it is now indone from community property. By definition, community property is property acquired during marriage as a result of the work efforts of husband and wife. Similarly, in In Re Marriage of Inboden, the Arizona Court of Appeals held that a trial court cannot order an unequal division of community property solely for the purpose of re-insuring a spouse to use his or her own and distinct property to acquire or improve community property. The main thing is to find out what you sign. Ask.

If you don`t understand something, get to the bottom of things and make sure you understand it before you sign. If you get a mortgage on a property, you may need to sign an individual and separate agreement to get a loan. However, it might also be possible to repeat the act immediately after closing. Securities companies do this all the time. Be sure to consult with the title company or a lawyer about this process. And if you bought a home with a spouse or partner, it`s a good idea to know how you currently hold the title. If you`re not sure or have any questions, you can ask a securities company to do a stock search for about $100. If you take the time to do your homework now, you can save yourself a lot of trouble in the future! You may also want to read our summary of the Arizona Court of Appeals` In Re the Marriage of Flowers case, in which the court ruled that a trial judge can unevenly divide separate property that has been converted into community property if it turns out to be right to do so. Once we saw the words alone and separately in the tax file, we contacted the securities company and asked them to do a title search so that we could see exactly what happened when the stock was signed in 2007. As a result of the search for titles, we found that when the couple bought the house, the wife earned an income, but not the husband. For this reason, the bank asked the husband to sign a single, separate agreement when it was concluded. When he signed this agreement, he had no idea that he would give up his interests in the property.

The husband didn`t know that he had signed anything outside the norm because the document was buried in a number of other documents for graduation. .

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