Home > Research Legal Advice > Estate Planning > My husband and I would like to convey a percentage of property to our so...
Asked 4 months ago - Chicago, IL
FlagWe do NOT want his future wife to have any interest in the property in case they divorce. This is the first home that we purchased together. Should we record a new deed (joint tenants with rights of survivorship) and split the interest 3 ways? We want to deed the property in its entirety to our son but also want to protect it in case his marriage fails. What are our options? Thanks.
We do not give this type of advice on here. This is for simple legal questions. What you are asking potentially has to do with the lose of a few hundred thousand dollars. Really don't you think it is worth it to go in person and pay to talk to a lawyer? We don't have enough information to answer you anyway. You should go see a divorce lawyer who also practices in real estate law. What you are doing is very wise to protect him and his financial future. Good Luck!
You should speak with an Estate Planning Attorney. There are a number of issues and risks that need to be considered when transferring property to someone. There are also a number questions that must be answered to determine the optimal way of transferring the property. You discuss trying to protect your son in the event his marriage fails, but you should also consider protecting yourself in case he gets into financial trouble. If your son has creditor issues (whether now or in the future), it is possible the creditors can attack the house because he is listed as a joint owner. There are possible gift tax issues that must be given consideration. Speak to an experienced attorney who will not only help you achieve your goal, but will also protect you in the process.
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