Does Property In A Land Trust Protect From Divorce?
I just read another post in this forum on divorce and wondering if anyone knows if having a property in land trust helps the beneficiary to avoid having that asset affected by a divorce.
Thanks,
Scott
Probably not. Marital property is still marital property regardless of how title is held.
Suggest the person either get a pre-nuptual or post nuptial agreement if they are worried about this.
If the trust was formed during the marriage, the beneficial interest is a marital asset, subject to being divided between the parties.
If they can find it, that is.
[addsig]
This is a much more complicated question.
It also depends on what state you in.
In CA title can be held as sole and separate property. As long as no marital assets where used to buy or are used to maintain, it is not part of the marital estate.
That info is very market specific.
I have used Wells Fargo, Union Bank, Bank of the West, and GE Money Store(?) for LOCs and
Citbank, Chase, capital One, advanta and First equity for credit cards.
cjmazur
This is going to help me.
Thanks for taking the time...
Ray
good luck.
I was wonder if there is a database of institution tha issue LOC. Then you could just call ea. one for the best deal.
Thanks for responses. The person threating me actually worked for me so I thought it was obvious on the license. I thought( and shame on me) that it would never come to this..The property is not in a flood zone there was a microburst storm and water leaked in and I had the carpets lifted. I told them about this verbally but we didn"t write it down on disclosure.
As a Broker in CA disclosure of a license is not required... As a Realtor it is.... But I always disclose... Why not...
Remember when entering a contract is the best time to get everyone to sign off....
If you act like you’re going to have the messiest divorce around you will cover all of you bases..
Michael Quarles
Do I misunderstand the terminology?
I was told in CA Brokers and Sales Agents must disclose that they have a license.
a Realtor is simply a Broker or Sales Agent that is a member in goodstanding of NAR.
From http://www.realtor.com/basics/allabout/realtors/why.asp?poe=realtor:
Why Use a REALTOR®?
All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®.