Taking Title in Wyoming as Husband and Wife
Naturally, the main requirement for taking title as Husband and Wife in Wyoming is that you be married. For what constitutes legal marriage in Wyoming go to: http://legisweb.state.wy.us/statutes/statutes.aspx?file=titles/Title20/T20CH1.htm Suffice it to say that you can only take title as Husband and Wife if you meet the state requirements as to what a husband and wife is.
Just because you are married does not mean that you have to take title as Husband and Wife, but if you do here is some of what that means:
A husband and wife will own the property as if they are one entity. As one entity they are each considered to have equal, undivided ownership. One partner or the other may not sell their individual interest in the property because, in theory, their individual interest doesn't exist. They either both keep the property or they both sell it.
Should the husband or the wife die, all ownership interest will go to the surviving spouse. Even if no will exists to specify this, it is presumed by taking title as Husband and Wife. This is to protect the surviving spouse from probate and other challenges to their ownership interest. In this situation the surviving spouse will now hold title as the Sole Owner.
Couples do not always stay married and when that happens they usually do not want to continue ownership as a Husband and Wife. The following is among their options:
- They can sell the property, divide up the assets and each go on their own way.
- One spouse can give their ownership interest to the other spouse (... it could happen!).
- Or, if the property has equity, one spouse can pay the other spouse to gain all ownership interest.
After they work out whatever they work out, the new title will be recorded under the name of the person who now has ownership interest. Just like marriage isn't always permanent, taking title as Husband and Wife does not have to be permanent either.
On that note, how title is held on any property can usually be changed as long as all parties with ownership interest agree to it and convey the deed through the appropriate legal process - which of course, any attorney knowledgable in title manners can assist in doing.
Next on the list: Taking Title in Wyoming as Joint Tenants with Rights of Survivorship
Subscribe to CommentsComment