Transfer of Ownership in Matrimonial Home
April 18th, 2005 by Questions
I am not in bankruptcy and am not being sued.
I do have a lawsuit in motion which I initiated and filed. Some time in the future I may be the subject of a lawsuit which I will be unable to defend as I am on disability
Is it illegal to transfer my half of the matrimonial home to my wife\’s name to prevent it from being seized in a hypothetical future bankruptcy?
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April 20, 2005 at 4:19 pm, A licensed trustee said:
If you believe you are insolvent (unable to pay your bills)now, and you subsequently go bankrupt, it is likely that your trustee will attempt to reverse the transfer of your interest in the house to your wife.
You should consult a lawyer before taking this action; the correct course of action will depend on your assets, debts, the value of your home, and the amount outstanding on your mortgage.