Q: My home is owned jointly by myself, my husband, my daughter and her husband. My husband and I are divorcing.
I will be receiving the house in the marital settlement agreement. Do I need to file an interspousal transfer deed or a grant deed to reflect the 3 remaining joint tenant without triggering reassessment. I live in California.
A:
In California, when transferring property due to a divorce, it is common to use an interspousal transfer deed. This type of deed is specifically designed for transferring property between spouses and can prevent the transaction from being considered a change in ownership that triggers reassessment under Proposition 13.
When you receive the house in the marital settlement agreement and need to reflect the change in ownership from both you and your husband to just you, the interspousal transfer deed would typically be the appropriate document to use.
It's important to ensure that the deed is filled out correctly and specifies that it is a transfer pursuant to a divorce settlement. This transfer should not affect the ownership interests of your daughter and her husband.
However, it's recommended to consult with a real estate attorney or a professional experienced in California property law to ensure that the transfer is executed correctly and in a manner that aligns with your intentions and legal requirements. They can provide guidance specific to your situation. Remember, each property transfer scenario can have unique legal considerations.
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