Legal Question in Real Estate Law in California
Married, want to purchase property on my own?
Thanks for taking your time. I live in Central California. I would like to buy an investment property. I have a good credit, stable job and probably would qualify for a loan and be able to make payments. The problem is my wife opposes the idea. Can I purchase an investment property on my own even tough I am married?
3 Answers from Attorneys
Re: Married, want to purchase property on my own?
Yes, but keep in mind that a spouse owes the other spouse a fiduciary obligation to the other spouse to make reasonable and prudent investments.
At the very least, I believe you should notify your spouse of the transaction. Also keep in mind that your spouse will be entitled to 1/2 the profit you make.
Re: Married, want to purchase property on my own?
You can probably do it legally - the Family Code gives both spouses joint control of the community property - but you are likely to encounter problems with lenders, and later on buyers, wanting to know whether you can prove this is your separate property, and if not (which is probably the case), they will be asking for her signature, or for to quitclaim to you, all of which are reasonable demands upon you but would be unreasonable for you to place upon your wife. Also, the Family Code places a burden on each spouse to deal openly, fairly, and in utmost good faith with the other in decisions affecting the community property.
Re: Married, want to purchase property on my own?
Yes. But you must use separate (not community)funds, otherwise the community will obtain an interest in the asset.
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