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I got sued by my ex employee. I want to just protect my

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home. it was already paid...
I got sued by my ex employee. I want to just protect my home. it was already paid off before marriage but California has such a low Homestead Exemption for married couples. I know it is too late to form an irrevocable trust but If i form a joint tenancy with my wife, can my principal place of residence at least be protected if the judgement goes against me? My wife's name is ***** ***** the title.
Submitted: 2 months ago.Category: Estate Law
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Answered in 4 minutes by:
5/2/2018
Estate Lawyer: LegalGems, Attorney replied 2 months ago
LegalGems
LegalGems, Attorney
Category: Estate Law
Satisfied Customers: 13,686
Experience: Private Practice; Elder Law Attorney; Estate Planning; Attorney Mentor
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I am sorry to hear this.
Unfortunately California is a community property state so the assets of both spouse's are generally liable for judgmen's that are a result of misconduct during the marriage.
Additionally if the court determines that a party changed title to avoid a judgment creditor the court can void that deed and allow the creditor access to that property.There may be protection from personal assets if the company was properly incorporated.
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Customer reply replied 2 months ago
Ok, so my home is worth 600,000 and I got approved for a home equity line of credit for 300,000.This current home is on my Mom and mine's name. (my dad lives in this house also).What if i use the HELOC to purchase another home and make that a principal residence on my and my wife's name? Can my elderly parents claim homestead on this house? and I can claim the homestead on the second home that we (my wife and I) purchase?
Estate Lawyer: LegalGems, Attorney replied 2 months ago
a help can be used to purchase a second home.The homestead exemption is available for an owner's principal residence. Please seehttp://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?sectionNum=704.730.&lawCode=CCP
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