Legal Question in Real Estate Law in Virginia

I have a small investment property that is being foreclosed. It is in my name only. I would like to protect my spouse from this. Will putting our residence home in her name only or doing a revocable trust keep the creditors from being able to put a lien on our home?

Asked on 8/01/13, 8:48 am

1 Answer from Attorneys

Michael E. Hendrickson Attorney & Counsellor at Law
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No, not likely at this stage of matters since such a move on your part would likely be immediately recognized as an attempt to evade or defraud your legitimate creditor(s).

However, if you hold title to your marital home with your wife by what's called

Tenants by the Entireties, any lien that such creditor(s) might record against you

could not be foreclosed against the marital home unless your wife was also listed in the lien as a judgment debtor owing money to the creditor(s) along with yourself.

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Answered on 8/04/13, 12:20 pm

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