My husband may be getting sued from his business and our home is in both of our names. Can I try to shield our home by transferring the deed to just my name? We live in new York state.
If you have a tenancy by the entireties, there may be built-in protection from creditor claims. You should meet with an attorney before you decide to engage in any self-help estate planning, in order to avoid doing more damage than you are trying to prevent.
I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your state. The law changes frequently and varies from state to state.
FIrst, any transfer that you do must be signed by all owners, not just you. Second, you should make the transfer quickly so that you minimize any chance of the court considerring it a fraudulent trasfer. Third, I usually suggest a transfer to an irrevocable trust for asset protection. You and your husband should consult an attorney.. www.siegelandsiegel.com
I strongly urge you to consult with an attorney before you make any transfers. There may be benefits to the way title is presently held that you may lose if you transfer the property.
This answer does not constitute legal advice and no attorney client relationship has been formed. Before choosing a course of action, it is always advisable to seek the advice of an attorney in your area.
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