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Interspousal transfer deed-meaning&implications?- "No consideration for transfer between spouses pursuant to dissolution".Thanks

Belmont, CA |

Hello & thanks for reading.
My wife & I are divorcing & agreed she will keep our townhouse.Her attorney prepared ISTD & property description for me to sign/have notorized.I'm Pro per & unclear of implications of the wording-it's different from samples online. "Recording requested by...(her name). When recorded mail to: (her name/address). APN#,No consideration for transfer between spouses pursuant to dissolution Documentary Transfer Tax: 0" "The undersigned grants (wife) as her sole & separate property, all of my right, title, &interest" (in the TH). "It is the intent of undersigned to divest himself of all interest community or otherwise in and to the above described property & vest title in the Grantee as her sole and separate property.

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Attorney answers 3

Posted

It’s difficult to give you a very precise answer because the facts are so llimit4d and I don’t know how your intrspousal dials and is related to your division of property and any other related support issues. By and large filing for dissolution proceeding as part of an agreed to settlement in regard to the property you can’t convey your interests to your ex. This is possibly workable but without a lot of additional facts no one is able to give you an 100% rock solid response. For a modest fee you can get the advice of a family law attorney who can look into the particulars of your situation and give you a precise legal opinion.

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Asker

Posted

Thanks for the reply. I'm a bit confused, as it sounds as if you don't believe the transfer of my interest in the TH to her would be valid. I guess I'm trying to find out how this will impact me regarding taxes, deductions, rent that was received, or ability to claim expenses during the time I paid the mortgage after separating. Thanks, Mike

Hillary Johns

Hillary Johns

Posted

I don't think that MR. Kitta is saying that he doesn't think that the deal would be valid. Rather, as I understand it, he's saying that it's best for you to consult with a lawyer about the overall settlement before you sign anything so that you fully understand your rights, resonsibilities, obligations, and the long term implications of the agreement.

Posted

From the language provided, you are giving away all your interest in the property to your wife as her separate property. Then, the question is what you are getting back in return. Edward C. Ip www.lawyer4property.com

No attorney / client relationship established. The answr is for discussion and general information only. The lawyer had not reviewed any documents or contract prior to the above comments.

Asker

Posted

Thank you for the thoughtful reply. To clarify, please see my reply to Mr. Kitta above, and the following. We reached a global agreement splitting all marital assets. One of the things she gets is the TH. The TH isn't upside down, but not far from it, so the only thing I received was an extra $8-10,000 to help reimburse some of the payments I made after we separated. Any insight is appreciated. Mike

Posted

I'm sorry that you're divorcing. I agree with counsel that your question is unclear and the fact that there could be other issues in your case which you haven't mentioned which would affect my answer. If you're in the homestretch and negotaitions, there are many lawyers who can represent or advise you as to how to proceed for reasonable fees. It's well worth your time to pay a lawyer to advise you.

Ms. Johns can be reached at her Woodland Hills and San Diego offices at (866) 402-4038. Her email is hjohns@hjohnsatlaw.com and her office does offer free telephone consultations to Avvo askers. Ms. Johns is a lawyer although she is not your lawyer unless you have consulted with her and signed a fee or letter agreement confirming her representation of you. This Avvo response does not otherwise create a binding attorney client fee agreement. Ms. Johns and her employees are not tax or financial advisors and do not give tax or financial advice of any kind. For such advice, it is recommended that you consult with a tax or financial professional in that field.

Asker

Posted

I appreciate your reply & sentiments. Hopefully my above comments clarify things more. Mike

Hillary Johns

Hillary Johns

Posted

You're welcome. Yes I did read your response to all counsel. I do agree that it would be helpful for you to consult with a family law lawyer and your tax preparer to have a more exact answer, including hte tax effects of a real property transfer such as the one you're describing. It's always a good idea to have an attorney review a settlement agreement before you sign it so that you completely understand it. Good luck to you.