Legal Question in Insurance Law in Illinois

My wife is going to be sued very soon.

Should I transfer our money into my name only to protect it or will it not make any difference?

We live in Illinois.


Asked on 9/02/11, 8:23 pm

1 Answer from Attorneys

You can try but depending on what the suit is for, you could be equally liable for her debt (especially if it is a "family necessity") and so moving it around could be useless. Alternatively, if you do and you are not otherwise liable, then if there is a judgment against her and the judgment creditor finds out she has nothing to speak of but everything was transferred out of her name to avoid her creditors, they can still come after you for participating in what's called a "fraudulent conveyance" of assets, which could result in your just having to undo everything. So see a lawyer, bring all the information, and get proper advice!!!

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Answered on 9/09/11, 9:04 am


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