Real Estate Transfer

[rll]

I am about to go through a divorce. I own property in California which I purchased before the marriage and it remains my separate property. However, I want to transfer it out of my name to avoid complications. Unfortunately, I have no idea what is involved in doing this or how much it is likely to cost me. Any suggestions would be greatly appreciated.

 

[Ca Counsel]

Depending on what state you file for divorce, you may have to wait until after the property is declared separate before you can validly transfer it. Even if you bought the property before marriage, your spouse may have a claim for reimbursement for any improvements or mortgage and tax payments made during the marriage with community property or his separate property. If he has a claim and you transfer the property without his consent, you may violate legal duties and be subject to penalty or punishment. You will need to speak to a dissolution attorney in the state where you plan to file for divorce to get more advice. The transfer of property in California is simple, otherwise. A title company can help you with the necessary forms.

 

[rll]

Thanks for the advice. The divorce will be in Colorado. I have heard of something called a Generation Skipping Transfer Tax where transfers that are not from one generation down to the next are heavily taxed. What if you wanted to transfer the title up one generation, like to a parent? Anyone know anything about that?