Transferring Title On Personal Residence
Hi All I need to know if I can do this and how to do this if I can. Currently the way the title on my personal home is set up is that my wife and I are both on title of the house. We are both also on the insurance. What I would like to do is have just my wife on title. The reason is that if someone goes to sue me personally over my rental properties, then the house is in her name only and not mine and someone can't try to take it. Is there a better way to do this or will this work. No I have n fear of my wife and I getting dovorced.
Thanks
Joe
Quit Claim your interest to your wife. Record the deed at the courthouse. It is that simple.
Are not her assests still at risk considering they are married? I have heard of many guys getting divorces only to discover that their wife had hidden credit cards that they were liable for...anyone know about this? Maybe his best solution would be to form some sort of LLC to protect his assests.
Make sure your state is not a common state like mine. If my wife gets sued I am just as liable regardless if the house is in just her name or just mine.
Hi Kurtos!
Saw you that you are from Boise. Any good investment oportunities out there. I have heard from a few friends that they know people who have been buying investment properties over there, but I can never seem to get any actual hard advice out of them.
TRATT
Quote:
On 2004-11-13 23:38, Kurtos wrote:
Make sure your state is not a common state like mine. If my wife gets sued I am just as liable regardless if the house is in just her name or just mine.
Why not establish an LLC and put the rentals in it/them
Seems like the best thing to do is either quit claim to an llc on your personal home, or trust and quit claim on your rental properties...
thoughts?