Legal Question in Real Estate Law in California
Protecting house from personal liability and divorce
My parents purchased and own free and clear the house my wife and I had lived in for 8 years until we separated about 7 months ago. She still lives there with our children. I'm writing to ask if it would be possible to place the house in trust or something similar while minimizing any tax liability and protecting against personal liability and or a divorce settlement but still allowing me control to borrow directly or indirectly against the equity in order to fix up and sell and the house and purchase another or invest the profits.
2 Answers from Attorneys
Re: Protecting house from personal liability and divorce
Already posted and answered.
Re: Protecting house from personal liability and divorce
Your question seems confused; if your parents own the house, only they can put the property into a trust and only they can borrow on it.
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