Can married spouse be allowed to own property for home as if single? (real estate)

[virushunter]

My husband and I are proceeding to make a purchase of a final/retirement home in WI.

In our current home, and all previous homes we had the title/deed in husband's name only. The primary reason is my profession, we were advised to do that, to protect that asset. I will be retiring, but timing isn't in the cards. The new property will be purchased while I'm still a possible "risk".

What we've done in past is from offer to close DH was only signature, I was a non-entity. But Wisconsin apparently is unusual it seems (for a fly over state), a community property state. As a result of this- is the way we've bought properties in the past, no longer available to us in WI?

Please kindly advise and suggestions for further reading would be appreciated as well.

[ranger17]

sounds like you may actually want to speak with a real estate attorney here, due to how WI is set up as a marital property state there may be some guidelines you should follow that are more involved than what we could give for details on a forum.

[Rynldsbr]

Based on experience, and not as a subject matter expert, I don't think a home can be deeded in one name if married in WI. Our homes were always required to be signed in both names, even if financing was only done in one name as a single income household.

If the "risk" is based on financial liability only, there are some safeguards in Wisconsin against losing a primary residence as a business owner or investor. That is where a true legal professional may be required to identify what is the best way to protect yourself under existing law/regulations.

Good luck.

[crazyme4878]

I think Arizona is a community property state, too, and our house is owned only by my husband. It was my understanding that the effect would be if he dies, then no matter what Will he put in place, I would automatically get the first $150,000 of his estate. I'm far from being a lawyer, and Wisconsin's community property laws might be different than Arizona's, but thought I would put that out there, if only to highlight the fact that you should consult an Wisconsin realty lawyer. You should be able to get a $500 one-time consultation that would clarify it a little more for you.

[froglipz]

What about a trust?

[Rakin]

In a homestead state, It could be separate if the money used is separate money like money received from an inheritance.

If you are using "joint" funds then you both own the house no matter who is on the deed.

You should discuss with a local RE attorney.

[Vegas_Cabbie]

I think it can be drawn up as "gift funds" as well to keep it separate.

[NY Annie]

You need the advice of an attorney. And I always recommend people get one to review house purchase documents. The attorney is the only one representing the Buyer's interests solely.

Having said that, I am not an attorney, but I do not see any reason why you cannot purchase property in one name alone. That the property is deemed community property by statute is another issue and affects divorce and death issues.

Here is a link to get you started:

Wisconsin Marital Property Law Equal Share Community Property

Note that these attorneys also provide a free consultation.


And yet one more link:

https://www.legalzoom.com/articles/t...y-property-law

[yousah]

The requirement to be on the deed usually comes from the mortgage company. In states that have any sort of homestead rights they'll usually want to be sure to have both spouses sign the mortgage so that those rights can be waived in case of foreclosure. Subsequently, signing the mortgage requires that you have an interest in the property- hence, the requirement to sign the deed.