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My husband and I would like to convey a percentage of property to our son before he gets married.

Chicago, IL |

We 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.

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Attorney answers 4

Posted

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!

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Peggy M. Raddatz

Peggy M. Raddatz

Posted

Itwas my understanding from reading your inquiry that you wanted to transfer the property now whie you are living and not after your death?

Posted

You should consult with an estate planning attorney. It should be possible to convey a portion of your home to your son, whether by trust, establishment of a business entity or otherwise, in such a fashion as to protect his interest.

Posted

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.

This information is general in nature and may not apply to the factual circumstances described in your question. The response given is not intended to form an attorney client relationship.

Posted

I agree with the above answers. See an estate attorney. While the basic laws in theory would offer some protections, this property should be put in a trust. Good luck.

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