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Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 101981
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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The home belonging to my wife and I is only in my name. My

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The home belonging to my wife and I is only in my name. My career puts me in a severe risk of being sued while her's does not. Want to best protect the home.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

Someone in your situation essentially has two options.

1) Quitclaim your interest to her. This would take you off the deed, and then the home is more protected in case of a judgment against you.

2) Place the home into an irrevocable trust. Doing so would normally make it almost impossible for a judgment creditor to attach as part of a judgment against you.

However note that both options do have their own nuances and complications. Also I am assuming that the home is held free and clear; a mortgage may disallow the step, accelerate the note, or require the lender's approval prior to either option - depending on the mortgage contract.

I hope this helps and clarifies. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Kindly rate my answer as one of TOP THREE FACES/STARS and then SUBMIT, as this is how experts get credit for our time. Rating my answer the bottom two faces/stars (or failing to submit the rating) does not give me credit and reflects poorly on me, even if my answer is correct. I work very hard to formulate an informative and honest answer for you; please reciprocate my good faith with a positive rating.

Expert:  Ely replied 1 year ago.
Hello again. This is a courtesy check in to see if you needed anything else in regards ***** ***** question because you never responded or replied positively. I am simply touching base. Let me know. Thanks!

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