Taking title in Wyoming as a - Sole Owner
The words "sole owner" make it pretty obvious what this means. Sole ownership occurs when ownership of a property is vested in one person, or entity (like a city or county), alone. This means that they alone are responsible for any debt or obligations on the property and they alone can make decisions regarding the property, even to sell.
What may not be obvious is that, in Wyoming even a married person can be the sole owner of a property excluding their spouse from any ownership interest. This could apply to any property acquired before or during marriage under the name of just one spouse or the other. I won't try to explain the whole law or exceptions to the law but if you are curious you can read over it at: http://legisweb.state.wy.us/statutes/statutes.aspx?file=titles/Title20/T20CH1.htm
So. . . if a married couple has the intention of sharing ownership of a property that is solely owned by one of them, they must be sure to transfer the title rights legally, in writing and have them officially recorded. Otherwise, ownership of the solely owned property of one spouse is NOT presumed to be transferred to the other spouse if something happens to the spouse holding sole ownership of a property.
Although,Wyoming, like many other states, has Homestead Exemption laws which protect spouses to a small degree whether or not they have a titled ownership interest in the property. Rumor has it this came about back in the days when all ownership was in the name of a husband and should said husband gamble away his home, then the wife could have some recourse and not find herself homeless. I don't know how much truth there is to that but that's what I've been told...
Whether married or unmarried, anyone having sole ownership interest in a real property should have a will in place that specifies exactly what they want to happen to the property upon their death or severe disablement. Otherwise, the property will be conveyed as provided in the Wyoming Probate Code and the decision will not be up to you or your survivors at all. http://legisweb.state.wy.us/statutes/statutes.aspx?file=titles/Title2/T2CH1.htm
Ownership interest in real estate is complicated. I was hoping to explain it in an easy way. But, alas, there is no easy way. Fortunately, that's what attorneys are for - and well worth it in this situation if you have any questions at all about how to take title.
Next up - Look for a basic explanation for taking title as - Husband and Wife . . .
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