Sell for one dollar?

[hgoldie]

What is the name of your state (only U.S. law)? California
Divorce. Son owns condo in his name which he bought with parents' large down payment before he got married. Can he sell the place to his parents for one dollar to avoid dividing equity with a future ex-wife? He has a prenuptual agreement with his wife to the effect that if the place is sold, the portion that was lent to him will be paid to him and not divided. Thanks for a reply.
hgoldie

 

[Proserpina]

What is the name of your state (only U.S. law)? California
Divorce. Son owns condo in his name which he bought with parents' large down payment before he got married. Can he sell the place to his parents for one dollar to avoid dividing equity with a future ex-wife? He has a prenuptual agreement with his wife to the effect that if the place is sold, the portion that was lent to him will be paid to him and not divided. Thanks for a reply.
hgoldie

Is he attempting to hide or funnel away funds that she might be legally entitled to?

 

[LdiJ]

What is the name of your state (only U.S. law)? California
Divorce. Son owns condo in his name which he bought with parents' large down payment before he got married. Can he sell the place to his parents for one dollar to avoid dividing equity with a future ex-wife? He has a prenuptual agreement with his wife to the effect that if the place is sold, the portion that was lent to him will be paid to him and not divided. Thanks for a reply.
hgoldie

NO, he absolutely CANNOT do that and in fact would get slammed by the courts if he did. On top of that, even if if there wasn't a divorce issue, it would trigger all kinds of unnecessary and foolish tax complications.

We had someone on these forums a few years back (CA no less) whose ex did that and not only did he end up in serious hurt with the courts, but his parents did as well.

 

[Ohiogal]

What is the name of your state (only U.S. law)? California
Divorce. Son owns condo in his name which he bought with parents' large down payment before he got married. Can he sell the place to his parents for one dollar to avoid dividing equity with a future ex-wife? He has a prenuptual agreement with his wife to the effect that if the place is sold, the portion that was lent to him will be paid to him and not divided. Thanks for a reply.
hgoldie

That would be DISSIPATION OF MARITAL ASSETS if there is a divorce pending. How far in the future is she going to be an ex wife? Is he planning to file for divorce soon? Oh and she would have to sign off on her dower rights if he wants to sell the condo. Legally son would be slammed by the court as LD said (hey LD why are we NOW AGREEING on many things?).

 

[LdiJ]

That would be DISSIPATION OF MARITAL ASSETS if there is a divorce pending. How far in the future is she going to be an ex wife? Is he planning to file for divorce soon? Oh and she would have to sign off on her dower rights if he wants to sell the condo. Legally son would be slammed by the court as LD said (hey LD why are we NOW AGREEING on many things?).

Because we actually agree on more things than we disagree about...LOL

 

[Zigner]

Because we actually agree on more things than we disagree about...LOL

You two should get a room...

 

[Isis1]

You two should get a room...

no more snarling hyenas......

 

[Ohiogal]

You two should get a room...

We'd kill each other.

 

[Ohiogal]

no more snarling hyenas......

Temporarily we are both satiated.