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Wife's name on title of land

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    #1

    Wife's name on title of land

    Starting the process on BK, however my wife's father has my wife's name on his title for about 70 acres of land that he purchased about 14 years ago, my wife's sister also has her name on the land, so if anything were to ever happen to the father, the 2 girls receive the land. What problems are going to arise from this ??

    Thanks
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    #2
    Are you filing together? If so, it may become a problem since this is an asset.
    CH 7 Filed 6/26/09
    341 Meeting 7/27/09
    Last day for objections: 9/25/09
    When life gives you lemons, slice them and add to your Margarita!!

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      #3
      Yes, we were planning on filing together....Could we take her name off the title, and wait 3-6 months ??

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        #4
        When you say you have "started" the process...have you retained an atty? If so, it may be too late to turn over her interest to the property. It will look like you are intentionally hiding assets from the trustee.
        CH 7 Filed 6/26/09
        341 Meeting 7/27/09
        Last day for objections: 9/25/09
        When life gives you lemons, slice them and add to your Margarita!!

        Comment

          #5
          How is she listed on the title? Dh's name is on the title of 127 acres of his parents land. But it's in a life estate so we don't get it until both dh's parents die. Because of it being set up that way the trustee didn't bother with it. We have future interest in the property but it won't be our asset for years.
          4/09 Converted to a Ch 7 due to loss in dh's income
          5/09 UST now involved no idea what happens next
          7/09 UST has decided to withdraw his motion to dismiss!
          7/27/09 DISCHARGED!!!

          Comment

            #6
            We are "talking" with an attorney right now, no paperwork or money has been exchanged yet.
            Not sure on how the deed is written, I beleive that both her parents need to pass before anything will happen.

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              #7
              Originally posted by sdcouple View Post
              Yes, we were planning on filing together....Could we take her name off the title, and wait 3-6 months ??
              She is either an owner or she is not. Taking her name off the title and waiting 3-6 months would be a disaster if she is in fact the owner. The TT can look back 10 years on real estate transactions. Transferring her interest in the property to her father and sister would probably be considered fraudulent.
              Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

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                #8
                Originally posted by sdcouple View Post
                We are "talking" with an attorney right now, no paperwork or money has been exchanged yet.
                Not sure on how the deed is written, I beleive that both her parents need to pass before anything will happen.
                You may be okay then. Make sure your lawyer really researches the deed before you file.
                4/09 Converted to a Ch 7 due to loss in dh's income
                5/09 UST now involved no idea what happens next
                7/09 UST has decided to withdraw his motion to dismiss!
                7/27/09 DISCHARGED!!!

                Comment

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