QUESTION
Will his bankruptcy or divorce from his wife affect my ownership if both of our names are listed as owners?
Asked on Jul 11th, 2016 on Bankruptcy - Washington
More details to this question:
I am a widower at age 78. I want my son's name on ownership so I do not lose it when I go to a nursing home in five years.
5 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You should consider having a life estate with the remainder going to your son. Otherwise the bankruptcy court could sell your house.
Answered on Aug 22nd, 2016 at 6:43 AM
It may. You should have an experienced lawyer look at this matter for you. You will have to pay for their time. Now is not the time to skimp!
Answered on Aug 08th, 2016 at 4:58 PM
It is very risky to sign over title to someone without legal advice. Either a divorce or a bankruptcy will jeopardize what you wish to accomplish if you proceed without competent legal advice.
Answered on Aug 08th, 2016 at 10:47 AM
Yes, jointly owning your house is not the best way to protect your interest in it. You should really speak to an estate planning lawyer because your son's divorce and bankruptcy most certainly could affect your ownership.
Answered on Aug 05th, 2016 at 6:45 PM
Bankruptcy Attorney serving Seattle, WA
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The Law Office of Marc S. Stern
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In all probability, his divorce or bankruptcy will have an effect. At the very least it can lead to expensive litigation. There are methods to deal with what you want to do. However, they require the service of a competent attorney. It is so much cheaper to have it done right the first time than it is to have to win the fight later.
Answered on Aug 05th, 2016 at 6:38 PM