Full question:
Does signing a homestead waiver mean that I am signing away my rights to our house (in case of divorce and/or spouse's death), given that the loan is in my husband's name only?
- Category: Real Property
- Subcategory: Homestead
- Date:
- State: National
Answer:
Homestead exemption laws protect property from the claims of
creditors. Even though the loan is in your husband's name, if the loan
was in default and the creditor sought to foreclose on the property, you
might be able to claim that some of the property is exempt from
creditors' claims under the homestead exemption. The homestead waiver
protects creditors from not being able to collect money due because of
a homestead exemption, but does not necessarily waive inheritance rights
or community property/marital property rights, unless those rights are
also waived in the waiver. A homestead waiver, by itself, only pertains
to creditors' claims and not inheritance or marital property rights.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
