Sole and seperate property agreement?

[Luggnutt]

New Mexico. I was just asked to sign a Sole and Seperate Property Agreement by my wife. It is in regard to my wife's parents house in case the unfortunate happens. What is the purpose of my signing this agreement? It just seems a little odd having to sign this form while being married. Thanks.

 

[LdiJ]

New Mexico. I was just asked to sign a Sole and Seperate Property Agreement by my wife. It is in regard to my wife's parents house in case the unfortunate happens. What is the purpose of my signing this agreement? It just seems a little odd having to sign this form while being married. Thanks.

Apparently they are putting their house in your wife's name? If so, they obviously want you to sign that to agree that its not community property and that in the event that you divorce, you would not attempt to claim it as community property. That is a very wise thing for them to do. They would not want to be forced to sell their home or to have to take out a mortgage to pay you off.

However, it would not be community property anyway. A gift or inheritance remains separate property.

 

[latigo]

New Mexico. I was just asked to sign a Sole and Seperate Property Agreement by my wife. It is in regard to my wife's parents house in case the unfortunate happens. What is the purpose of my signing this agreement? It just seems a little odd having to sign this form while being married. Thanks.

Strange or not yet it is contemplated by the laws of your state that spouses may do what she is asking of you. (See: New Mexico Statutes Section 40-3-8 (5). *

And I see nothing to interfere with such an arrangement simply because it is in anticipation of an inheritance. Although a bit redundant as such an inheritance which would be her sole and separate anyway. (Section 40-3-8 (4)

Noting also, as it is not true in all community property states, in New Mexico any rents issues and profits derived would retain the same separate character.

Also because a quitclaim deed covers all of the grantor's present right, title or interest and that thereafter acquired, the same thing could be accomplished in that manner


[*] (Paraphrasing) Separate property includes: property designated as separate property by a written agreement between the spouses.

 

[Luggnutt]

Thanks you for the replies!

Thank you for the replies!