Updated on October 17, 2023
What is an interspousal transfer grant deed?
What purpose does it serve?
Why should a married couple living in California should be aware of this tool when it comes to owning real property?
In this blog post we explain the use of an intefspousal grant deed and how it can help minimize some of the inevitable challenges that end up arising between spouses encounter serious financial difficulties or the marriage ends.
California is a community property state. That means that once a couple is married, all property, subject to a few exceptions, is deemed community property and belongs to each spouse equally. Therefore, most property and income that each spouse gains during the marriage belongs to the community, with each spouse having an equal share in that property. This includes real property.
One practical way to achieve a transmutation from community property to separate property or vice versa is through an Interspousal Transfer Grant Deed. This deed is particularly useful because:
This legal tool is commonly used in the following scenarios:
In summary, an Interspousal Transfer Grant Deed is a valuable legal instrument that allows married couples in California to transfer property between spouses while maintaining certain tax advantages and legal protections. It is commonly used during divorce proceedings, financial challenges, and estate planning. Understanding and utilizing this tool can help couples navigate complex real estate matters effectively.
Deeds come in many shapes and forms and cover different aspects of owning real property. The real estate attorneys at Schorr Law have years of experience litigating cases involving the various forms. Real estate law can get complicated, so we are here to help simplify. Contact us today to see if you qualify for a free 30-minute consultation. You can call us at (310) 954-1877, text us at (310) 706-2265, or send us a message here.