A Deed of Trust is a document, similar to a mortgage, that a lender uses to help secure a loan. While it is relatively simple to add your wife's name to the loan, the interest and payments accrued often carry complex legal and tax considerations that can sometimes require an attorney to fully comprehend. The most common reason for adding your spouse to your Deed of Trust is for the purpose of holding land as security for an outstanding debt, according to the LawDepot website. However, it is important to remember that no title of land can be legally transferred in altering a Deed of Trust.
Step 1
Contact your lender with whom you have established the Deed of Trust agreement and ask what the procedures are for adding your wife to the document. While the requisite background checks of credit, income and other personal history are consulted, many states have less strict acceptance criteria for co-signed spouses.
Step 2
Ask your lender what the payments and interest will be for you and your spouse once your follow through with the addition. Ensure that there are no hidden fees for adding your spouse to the document.
Step 3
Talk to your wife and make sure you are both confident in your ability to fulfill your payments toward your property loan. Be upfront about the fact that you will both legally share responsibility for paying the loan, and that you both would be required to pay off the proceeds in case of a divorce. If you are considering adding your wife to the title by "granting her title," contact the title company or your county recorder to change the record of ownership.
Step 4
Set an appointment with the lender with whom you have arranged the Deed of Trust and have your wife bring any required information, including birth certificates, pay stubs, bank account history or any other documents required by your state and lender. Hire an attorney if desired to help guide you through the long-term ramifications of adding your wife to the Deed of Trust.
Step 5
Fill out the updated Deed of Trust with your own information and make sure the document includes you and your wife's signature. Make plans with your spouse for an automatic-deduction from your accounts as payment for the loan, or any other payment method you desire.
Tips and Warnings
- Always consider the matrimonial implications of altering the ownership of a loan. Converting a separate and immune asset to a marital asset will always be subject to equitable distribution in the event of a divorce.
Things You'll Need
- You and your wife's birth and marriage certificate, bank account history and other information
