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This answer was rated:

will i lose all my rights to my homes if my wife puts them

in an LLC in her...
will i lose all my rights to my homes if my wife puts them in an LLC in her name only?
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Answered in 1 minute by:
7/12/2013
Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33,167
Experience: 17 years of legal experience including real estate law.
Verified

Hello and welcome.

My name is XXXXX XXXXX my goal is to provide you with excellent service today. Before I can give you an accurate answer to your question, please provide the following additional information:

For what reason is your wife proposing to do this? Were the properties acquired by you during the marriage?

I look forward to assisting you as soon as I have received this information. Thank you.

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Customer reply replied 4 years ago

yes we acquired them together we are married and it is to portect us from law suits they are four rental homes

I see. Thank you for clarifying that, Jim.

No, you would not typically lose your marital interest in the properties if they are held by the LLC's owned by your wife since they were acquired during the marriage and so was the LLC, so you would normally have a marital interest in the LLC as well, even though you don't have an actual interest in it.

It is important to note that as long as you stay married and your wife is the sole owner of the LLC, she could sell the properties without your consent though, so there could potentially be nothing to divide between the spouses if you were to divorce if she choose to sell the LLC or the properties.

In addition, if a lawsuit has already been initiated, creating the LLC and transferring the assets to it could be considered a fraudulent transfer to avoid your legal obligations, or the creditor suing you may allege that in any case.

I hope this helps clarify the situation for you. Please remember to rate my service once you have all the information you need so I will be compensated for my time from the deposit you posted with this website. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!

Tina

Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33,167
Experience: 17 years of legal experience including real estate law.
Verified
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Thanks again and all the best to you.

Tina

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Tina
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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 33,167
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Experience: 17 years of legal experience including real estate law.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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