QUESTION
i own a property with my wife as joint tenants, property was acquired during marriage, if i transfer the property to my trust will i be ok in a divorc
Asked on Aug 09th, 2015 on Real Estate - California
More details to this question:
I established a trust in 2009 2 years before i got married i own 3 properties 2 before i got married, and 1 during marriage. The 1 property i own was acquired in 2011 with my wife in title originally, now were joint tenants as she added me on title. The down payment was all my money and i made all the payments and taxes. Since my credit was weak at the time we had to buy it under her name, but my credit is good now and I want to protect my self if we get divorced. My trust was established in 2009 2 years before i got married, if i take her name off title and transfer it in my trust will i be safe on those 3 properties i own in case of divorce? please suggest what i have to do to protect myself?
1 ANSWER
Estate Litigation Attorney serving Redlands, CA
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Generally, all of your community property is jointly owned by your wife, whether or not the property is held in a trust or in your name separately. Your separate property is not community property and is not jointly owned by your wife. Separate property can become community property if it is paid for with community funds. You can enter into a written agreement with your wife of what property is your separate property. Do not try to hide assets from your wife or change the title to property in order to attempt to make it separate property if it is already community property. I would suggest speaking with a family law attorney for a full consultation.
Answered on Aug 29th, 2015 at 11:48 AM