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mrokuk

Refinancing- should I add my spouse?

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I'm refinancing from an exploitive ARM 4.25% into a 3.0% 15-year fixed.

Current mortgage is in my name and only I'm on the deed.

 

Spouse would like to be on the mortgage and deed, if possible- what are the advantages/disadvantages?

 

Can she even get added to the deed during a refi or is that a discussion for a later date?

 

I owe $389k on the house, value 1.2M. California resident, community property, but I bought the house 18 years ago- before we were married (7 years ago, together 13 years).

 

My scores are 715/776/792. I think hers are higher since we just paid off student loan.

 

My verifiable income is $185k, hers is $72k, we have joint checking account and plenty of savings.

 

Thanks CB for any thoughts on this!

 

Feel free to use this thread to vent if you added spouse to mortgage and now regret it :)

 

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Last summer I added my spouse to the deed when we refinanced a home I'd purchased in San Diego several years before we met.

 

The title company that handles your refi can help you with this. It's quick and easy.

 

We mainly did this for symbolic reasons, and I have no regrets.

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I would quietly consult a lawyer. Property that is yours before the marriage should stay yours *just like all your retirement assets up until that point" and avoid co-mingling assets at all cost.

 

She wants on the deed because she will want the money at a later date. period.

 

Ounce you get married you enter into a loose-loose business partner arrangement. You can either be an flowers now and keep your asset to yourself or buckle in to look like a good guy only to be the flowers that looses half his equity later. It's your choice how you want to go down, you don't have a choice whether it dose or not.

 

It's cold, but reality sucks.

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I would quietly consult a lawyer. Property that is yours before the marriage should stay yours *just like all your retirement assets up until that point" and avoid co-mingling assets at all cost.

 

She wants on the deed because she will want the money at a later date. period.

 

Ounce you get married you enter into a loose-loose business partner arrangement. You can either be an flowers now and keep your asset to yourself or buckle in to look like a good guy only to be the flowers that looses half his equity later. It's your choice how you want to go down, you don't have a choice whether it dose or not.

 

It's cold, but reality sucks.

 

That's not how divorce law works in California.

 

https://www.divorcenet.com/resources/divorce/marital-property-division/california-divorce-dividing-pr

 

"There is a strong presumption under California law that assets and debts a couple accumulates during marriage are community property. Property one spouse owned alone before the marriage, or acquired by gift or inheritance during the marriage, is that spouse’s separate property.

 

....

 

A couple can agree either before or during marriage to change an asset that was originally separate property into community property, or vice versa. Such agreements must be in writing and must clearly state the intentions of the parties; simply changing the title of the property is not enough."

 

Even if this wasn't true, your argument assumes a financial imbalance in the relationship skewed toward OP, which may not be the case. My spouse and I both had what (most would consider) significant financial assets when we got married.

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Thanks for the warning Sniper and for the citations cv.. some good balance in both of your responses.

 

Appreciate it!

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