What exactly is a deed of trust?

My husband is going to buy a house. I would sign a deed of trust for the bank. Does it mean that if one day my husband is not able to pay is loan, the bank can ask me to pay? We got married in France and we have a wedding contract of seperate properties. Can my husband buy anything house, company on his own?

Asked on June 26, 2012 under Family Law, Washington

Answers:

Cameron Norris, Esq. / Law Office of Gary W. Norris

Answered 8 years ago | Contributor

Washington is a community property state.  Generally, you are responsible for the debts of your husband even if you name isn't on them.  Also, you would have a right to the equity in the home purchased during marraige even if your name isn't on the property. Now, you have a wedding contract creating separate properties, but that may only be valid for property you had coming into the marriage.  Going forward, Washington law would probably apply.  Even if the house was your husband separate property, you would most likely still be liable for the debt under Washington law. 

The only real difference between having your name on the property and not having your name on the property is that your individual creditors can attack the asset (the home) only if your name is on it. 

The bank can ask you to pay whether or not your name is on the loan, because you are married. 

I am a little confused at why you are so concerned with being asked to pay.  Are you planning on your husband defaulting? If you don't want to share money and debt you shouldn't really be married. 

If you are concerned I would contact a local family law attorney, because I am in CA and the rules are slightly different. In addition it is somewhat unclear what effect your wedding contract would have on the division of property and debt in Washington state.


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