Posted by NewNotary on 12/19/04 4:37pm
Msg #14109

Witness state? Homestead? Community Property?

Is my state one of these? Where can I get answers? Thanks.

Reply by BrendaTX on 12/19/04 4:41pm
Msg #14110

Breaker, breaker-- Good Buddy:

You queried: "Is my state one of these? Where can I get answers? Thanks."

Post your state and you'll get an answer quicker on this one.

Not many of us that monitor the board regularly are covering the entire USA.

Reply by New Notary on 12/19/04 4:53pm
Msg #14111

Re: Breaker, breaker-- Good Buddy:

Sorry, my state is Kansas.

Reply by PAW Notary Services on 12/19/04 7:10pm
Msg #14126

From my notes (for Kansas):

Witnesses required on Deeds/Mortgage - NO
Spousal Property State - YES
Homestead State - NO
Community Property State - NO

You may need to contact the Secretary of State for positive and authoritative answers.

Principal Records Examiner
Office of Secretary of State
State Capitol
Topeka, KS 66612

Reply by NewNotary on 12/19/04 11:01pm
Msg #14139

Isn't spousal property and community property the same?

Reply by PAW Notary Services on 12/20/04 8:44am
Msg #14151

Not necessarily. It depends on how the laws are written. Spouses may have certain rights, whether or not there is community property (joint tenancy, tenants in common, etc.) involved.

Reply by PAW Notary Services on 12/20/04 9:06am
Msg #14154

Community Property States

Community property states treat marital income differently than other states (which are sometimes called common law states). As a result, the tax law has special rules for community income. The IRS Restructuring and Revision Act of 1998 revised the treatment of spousal liability, and includes rules for community property states.

Overview
Special rules apply to spousal property and income in the community property states:

* Arizona
* California
* Idaho
* Louisiana
* Nevada
* New Mexico
* Texas
* Washington
* Wisconsin

You can learn more about tax reporting in community property states by obtaining IRS Publication 555.

Some or all income earned by one spouse may be community income in these states. As a general rule, that means the tax rules will treat this income as if each spouse earned half of it. If you and your spouse file separate returns, each of you has to report half of the community income. In addition, you would report half of the income produced by any property that's treated as community property (for example, savings bonds that are purchased with community income). You would also report the entire amount of any income you have that's treated as your separate income under the laws of your state.

If you live in a community property state you'll be subject to somewhat different rules for spousal liability (and relief from spousal liability).

Source: http://www.fairmark.com/spousal/comprop.htm

Reply by Derrick/MT on 12/20/04 10:22am
Msg #14168

I see that Montana is not on your list and from my understanding we are a spousal state. Spouse must sign on deed or mortgage even though they may not be vested on the property.

Reply by PAW Notary Services on 12/20/04 10:31am
Msg #14170



Spousal Rights
In General

>>> I see that Montana is not on your list and from my understanding we are a spousal state. <<<

Dower and curtesy have been abolished in Montana. MCA Sec. 72-2-122

Montana is not a community property state.

Homestead exemptions are allowed up to a value of $60,000. This exemption protects the homestead from execution except for debts incurred prior to recording of declaration of homestead, construction liens, or debts secured by mortgages signed by both husband and wife. The homestead exemption is limited to 1/4 acre if in a city or town, 1 acre for non-agricultural land outside of city, and 320 acres of agricultural land. Both husband and wife must join in any conveyance or encumbrance of property that is subject to the homestead exemption. MCA Sec. 70-32-101 et. seq

Source: Stewart Title Underwriting Guide - Business Practices

Reply by BrendaTX on 12/20/04 10:53am
Msg #14173

Print it for the notebook n/m