I owned my home prior to my marriage. My banker is requiring me to deed the property into joint names to be approved for a mortgage. In the event of divorce, will my spouse be entitled to the property?
Marital property is all property acquired during the marriage. If the property is not deeded into the spouse's name during the marriage, it remains the separate property of the owner and only the increase in value from the date of marriage to separation is marital property.
If your bank requires the deed to be in joint names, a simple solution is to enter into a Post-Nuptial Agreement which excludes the asset as marital property in the event of death or divorce. Your real estate attorney should consult with a family law attorney to have the agreement prepared.
If divorce is imminent and you have not entered into a Pre-Nuptial or Post-Nuptial Agreement, a divorce attorney can advise you how to minimize the amount of money you will need to buy out your spouse's interest in the property if the property was deeded into joint names during the marriage.
Disclaimer: - These opinions represent a generalization based upon Pennsylvania law as of Nov. 1, 2014. You should consult an attorney and discuss your specific circumstances before taking any action.