If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan and the resulting payments. If you default on the payments, however, the lender can still foreclose on the home, despite that only one spouse is listed on the mortgage.
Does spouse have to be on deed in KY?
A Kentucky deed transferring real estate that a married person owns individually should be signed by the owner’s spouse. The spouse’s signature releases the spouse’s dower and curtesy rights in the property. Failure to release the spouse’s rights can result in future problems with the property’s title.
Do both spouses have to be on a mortgage in Kentucky?
When buying property in Kentucky, if you are married, both spouses must sign mortgages associated with the property whether or not they appear on the note and deed.
Can I put my wife on the title but not the mortgage?
Yes, you can put your spouse on the title without putting them on the mortgage. This would mean that they share ownership of the home but aren’t legally responsible for making mortgage payments.
Is my wife entitled to half my house if it’s in my name?
It depends on who is named on the mortgage. This is called joint and several liability. You are both responsible and liable for paying the mortgage. That doesn’t mean you are both liable for half each though – if one person doesn’t pay their share, the other can still be held responsible for the whole mortgage.
Which is more important title or deed?
Which is more important: title or deed? Both the title and the deed are of equal importance because they both have a purpose in the home selling process. For instance, a title search can note only confirm who owns the property, but also lists any liens, loans, or property taxes due.
What are my rights if my name is not on a deed but married in KY?
If the wife’s name is not on the deed, it doesn’t matter. It’s still marital property because it was bought during the marriage. This makes it marital property and is still split between both parties. The wife is entitled to receive either equal share or equitable share of the house.
What is considered marital property in KY?
Marital property is basically everything else—any property that comes into the marriage that is not separate property. An asset is marital property if either spouse acquired it during the marriage (such as income from employment) or they obtained it jointly (such as a primary residence).
Who gets the house in a divorce Kentucky?
Kentucky is in the majority as an equitable distribution or common law state. This means marital property isn’t automatically assumed to be owned by both spouses and therefore should be divided equally in a divorce. The court can also divide the property if the spouses can’t agree on a property division.
Is Kentucky a dower rights state?
Kentucky is one of the few remaining states to recognize dower and curtesy. Dower arose in common law as a way to provide security to a married woman who could not legally own property, but may outlive her husband.
Is Kentucky a 50 50 state when it comes to divorce?
Is Kentucky a 50-50 state when it comes to divorce? Yes, Kentucky uses what are known as equitable distribution laws, to distribute assets in the case of divorce.
Does my wife have to be on the mortgage?
Married couples buying a house — or refinancing their current home — do not have to include both spouses on the mortgage. In fact, sometimes having both spouses on a home loan application causes mortgage problems. For example, one spouse’s low credit score could make it harder to qualify or raise your interest rate.
Can I go on the deeds but not the mortgage?
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
What happens if only my husband is on the mortgage?
There is no law that says both spouses need to be listed on a mortgage. If your spouse isn’t a co-borrower on your mortgage application, then your lender generally won’t include their details when qualifying you for a loan. Depending on your spouse’s situation, this could be a good thing or a bad thing.
What are your rights if your name is not on the deeds?
In single name cases (as opposed to situations where both owners’ names are on the deeds) the starting point is that the ‘non-owner’ (the party whose name is not on the deeds) has no rights over the property. They must therefore establish what is called in law a “beneficial interest”.
Do you own a property if your name is on the deed?
You own your home – either all or part of it – if your name is on a legal document called the title deeds.
Can two people be on deed but only one on mortgage?
It is a common misconception that lenders would not accept situations where there are two people to be named on the mortgage but only one person to be named on the property deeds. In fact, some lenders will accept applications from joint borrowers where only one of the applicants will own and live in the property.
How do I protect my home in a divorce?
In many cases, the simplest way to keep the house in a divorce if it still has a mortgage is to refinance. The best-case scenario is for you to refinance and remove the mortgage from your ex’s name altogether. You’ll need to qualify for the mortgage on your own, so make sure to have all your financial ducks in a row.
What is a mortgage deed?
A mortgage deed – also known as a legal charge – is a legally binding agreement between you and your mortgage lender. It confirms that you agree to the conditions of your mortgage, including how and when it will be repaid. You will sign a mortgage deed if you are: Buying a home with a mortgage.
Who holds house deeds?
The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. But, you can request copies of the deeds at any time.
Are deed and title the same thing?
A deed is evidence of a specific event of transferring the title of the property from one person to another. A title is the legal right to use and modify the property how you see fit, or transfer interest or any portion that you own to others via a deed. A deed represents the right of the owner to claim the property.
Does infidelity affect divorce in Kentucky?
The short answer to this question is that Kentucky is a no-fault state when it comes to divorce, so there are no “divorce consequences” to the act of adultery.
Should my wife be on the house deed?
One good reason to add a spouse to the deed of your home is for estate planning purposes, which may allow the property to transfer to your spouse outside the probate process, depending on the transfer language utilized in the granting clause. Another reason is for creditor purposes.
How does separate property become marital property?
Marital assets are property that you earn, purchase or otherwise acquire during the marriage. A separate asset can become marital property if you mix it existing marital assets or otherwise use it for the benefit of the household.
How is property divided in divorce in KY?
Kentucky is in the majority as an equitable distribution or common law state. This means marital property isn’t automatically assumed to be owned by both spouses and therefore should be divided equally in a divorce.