Property transfer

[revelation13.17]

What is the name of your state (only U.S. law)? VA
I ACQUIRED MY HOME IN 1994 BEFORE I WAS MARRIED, SO MY NAME IS THE ONLY ONE ON THE DEED. I DON'T OWN IT OUTRIGHT, AND I AM STILL PAYING A MORTGAGE. I HAVE BEEN MARRIED SINCE 1995 AND I'M CONSIDERING DIVORCE. CAN I TRANSFER MY DEED INTO MY ADULT SON'S NAME BEFORE I FILE FOR DIVORCE SO MY HOME DOES NOT BECOME AN ISSUE OF MARITAL PROPERTY?What is the name of your state (only U.S. law)?

 

[mistoffolees]

What is the name of your state (only U.S. law)? VA
I ACQUIRED MY HOME IN 1994 BEFORE I WAS MARRIED, SO MY NAME IS THE ONLY ONE ON THE DEED. I DON'T OWN IT OUTRIGHT, AND I AM STILL PAYING A MORTGAGE. I HAVE BEEN MARRIED SINCE 1995 AND I'M CONSIDERING DIVORCE. CAN I TRANSFER MY DEED INTO MY ADULT SON'S NAME BEFORE I FILE FOR DIVORCE SO MY HOME DOES NOT BECOME AN ISSUE OF MARITAL PROPERTY?What is the name of your state (only U.S. law)?

That becomes an issue. Any significant transactions that occur within some time period before filing for divorce can be scrutinized by the divorce judge.

Not to mention, of course, that it's a pretty sleazy thing to do. Your ex is entitled to 1/2 of the marital equity - that is, the increase in equity during the marriage. Don't play games with it.

 

[LdiJ]

That becomes an issue. Any significant transactions that occur within some time period before filing for divorce can be scrutinized by the divorce judge.

Not to mention, of course, that it's a pretty sleazy thing to do. Your ex is entitled to 1/2 of the marital equity - that is, the increase in equity during the marriage. Don't play games with it.

I know specifically of a case where someone did that. In fact, it was a case on here several years ago.

The person who did it got seriously slammed in court and still had to pay out the other spouse's share of the marital equity. On top of that the party that received the house (and sold it) had all kinds of expensive tax consequences, and the party that transferred the house to the relative had gift tax consequences, and also had to pay the spouse's legal fees.

It was a right pretty mess. In the end, the spouse got their half of the equity, and the spouse who tried to play the game ended up with nothing after covering his relative's tax, his own lawyer and his spouse's lawyer.

 

[Ohiogal]

What is the name of your state (only U.S. law)? VA
I ACQUIRED MY HOME IN 1994 BEFORE I WAS MARRIED, SO MY NAME IS THE ONLY ONE ON THE DEED. I DON'T OWN IT OUTRIGHT, AND I AM STILL PAYING A MORTGAGE. I HAVE BEEN MARRIED SINCE 1995 AND I'M CONSIDERING DIVORCE. CAN I TRANSFER MY DEED INTO MY ADULT SON'S NAME BEFORE I FILE FOR DIVORCE SO MY HOME DOES NOT BECOME AN ISSUE OF MARITAL PROPERTY?What is the name of your state (only U.S. law)?

Legally what LD stated was correct> ALSO, you still have a mortgage. A transfer to your son's name counts as a sale and the mortgage can immediately be called due IN FULL upon transfer. Do you have the money to pay off the mortgage?

Legally if you do that, you can be found to OWE your husband half the marital equity AND be responsible for the entire mortgage immediately upon transfer AND lose the home entirely to foreclosure if you can't pay off the mortgage. So do you have enough to cover all of that expense -- i.e. the amount of the mortgage PLUS half the equity -- in cash? Oh and if you are trying to shortchange hubby, the court can penalize you which means you wouldn't just owe HALF the equity. You could owe him much more than that. How much cash do you have?