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my parents have a business and my mother wants to remove her name off the business and keep my dads and mine on it but im 1 week away form getting marriage my parents are really consured that how can they do it so before I marry the business can be my own property but seems like my fiancé don't want sign no prenup for it. how can it be done to protect it
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Do you already own an interest in the business, or is your mom transferring her interest to you? If she is making a gift to you, she could consider making the gift in trust (an irrevocable trust) rather than outright. If you already own the business interest, you might want to put it in a revocable trust. In any event, this property is your separate property and will remain so unless you commingle it with her property or your community property. You need to keep it separate from your other assets. This means that any earnings from it need to be kept in a separate bank account (unless you intend to make a gift to your wife); you should not pay any debts related to it from your community property (which would include earnings from your employment).
Answered on Mar 20th, 2014 at 3:26 PM