10 Oct Homestead Laws
State homestead laws are created with two primary purposes – (1) to provide some legal protection for the homestead claimants from debts and judgments against them that might result in a forced sale and loss of the home, and (2) to provide a home for a widow or widower for life. Homestead laws also act to restrict one spouse from acting without the other spouse’s knowledge when conveying the homestead or using it as collateral for a loan. Not all states have state homestead laws. Dower, curtesy, and community property rights are automatic in those states that have them.
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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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