If one co-owner wants to transfer their interest in the property to another co-owner, how do they do it?

My husband is willing to put house jointly held in both our names in my name solely, after having affair? How do we do this? Do we need to notify bank? We want to stay married in the house together; we’ve been married 31 years.

Asked on September 13, 2011 under Real Estate Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your spouse want to place legal title to your home that you share with him jointly, the best way to do so is to retain a real estate attorney to draft a deed transferring title to it to you partially. In California, for estate tax purposes a married couple can place their holdings as "community property with the right of survivorship."

The benefit for holding property as such as opposed to a joint tenancy between married couples is that upon the passing of the first married couple when the property is held as "community property with the right of survivorship" there is a stepped up basis as to the property's value upon death of the first spouse which can assist in minimizing future capital gains if the property is then resold.


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