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I am recently married (1 1/2) years. Are transmutation agreements (postnuptial) regarding property legally belonging to my spouse PRIOR to our marriage, effective in protecting it from MY prior tax debts?
3 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Your spouse is not liable for your separate tax debts - regardless of whether the debts are prenuptial or postnuptial. If her prenuptial assets have remained separate property (deed, title, account is in her name and the assets haven't been mixed together with marital assets), then the assets remain her separate property and they can't be applied to your separate tax debt. If the property lost it separate status, then the postnuptial agreement would not be effective, because it would be viewed under the law as a gift from your to your spouse and gifted property can be clawed back by the IRS.
Answered on May 22nd, 2015 at 12:10 AM
Business Law Attorney serving Bingham Farms, MI
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James T. Weiner, P.C.
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If the asset is in your name .. then its at risk.if it is only in your spouses name then its not.
Answered on May 21st, 2015 at 6:25 PM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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The term 'transmutation agreement' is one with which I am unfamiliar, and I have been practicing law for 32 years. I expect you are asking a question about the divorce law of another state. Try consulting a lawyer in the state where you live. If I am mistaken about the geography, please forgive me and ask again. Good Luck.
Answered on May 21st, 2015 at 5:15 PM