DVC Community Property?

[disnutt]

I have an unusual question. Can one spouse purchase DVC without having the other spouse on the paperwork/deed? I have a friend who wants to buy in but her hubby isn't interested. They are married for the 2nd time, each has teenage kids, and they keep their 'fun money' finances separate. Can she buy it herself? She's got her own income so that isn't a problem.

Thanks

 

[dianeschlicht]

I guess I don't see why not.

 

[LIFERBABE]

She can purchase it herself and not have dh listed on the deed. She wouldnt be able to use his income/credit to qualify for financing so if thats not a problem she'll be allowed to purchase without him.

How this washes out in their estate, depends on the state they live in, if they should ever divorce it may still count as community property.

 

[Rence]

Laws vary from state to state. For example Wisconsin is a community property state. Any assets aquired during the marriage belong to both spouses period. Even if it were deeded in one name, it would still be considered joint property in the event of the death or divorce.

So the laws can vary. Perhaps post the state of residency and see if anyone has state specific information.

 

[Eeyore'sthebest]

Good question, good timing. I just purchased one last Saturday without my DH's income or name on the deed. He's been previously married and his credit is in the toilet. He is now disabled and has a pension income only. I have the income, the credit, etc. Sometimes listing his name on a credit application hurts. I usually just put everything in my name.
He's comfortable, I'm comfortable. It works.

 

[disnutt]

Wow! I knew this board was great! I'll give her a call tonight. I don't think we get any referral bonus here in CT but maybe a brownie point or two...

 

[shari2shop]

Just wanted to second the fact that she can do it in her name only. I bought a resale and it is in my name only. I did an add on today through DVC and my guide asked if I was the only one on my contract and I said yes. Then he asked if I was single and I told him no, that I was married. Then he went on to the next question. He did not have any problem with the info and actually acted like it was a normal situation.

HTH

Shari

 

[cymomtx]

It would depend on what state she lived in and what funds she uses to purchase the property. If she uses her own "separate property" funds to purchase it will stay separate property. If she uses money from joint income then it can become joint property.