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Question about my house after split... Bankruptcy/DRO
Hi Everyone.
I am new to forum so please accept my apologies in advance. I have a question regarding my family home, and appreciate any help.
Here goes...
Me and my wife are separating (not getting divorced yet) and I am keeping the family house and our children are staying with me. She has agreed to transfer the mortgage/deeds to my name from a split, and gift me the house and any equity in it (about 50k total equity).
Am I correct in assuming this is OK as husband/wife can give/receive gifts from eachother tax free?
If she gets into any financial trouble in the future (both near and distant) would this have any implications on me and my house as she would effectively have no interest in them, in regards to bankruptcy/DRO?
Thanks in advance.
I am new to forum so please accept my apologies in advance. I have a question regarding my family home, and appreciate any help.
Here goes...
Me and my wife are separating (not getting divorced yet) and I am keeping the family house and our children are staying with me. She has agreed to transfer the mortgage/deeds to my name from a split, and gift me the house and any equity in it (about 50k total equity).
Am I correct in assuming this is OK as husband/wife can give/receive gifts from eachother tax free?
If she gets into any financial trouble in the future (both near and distant) would this have any implications on me and my house as she would effectively have no interest in them, in regards to bankruptcy/DRO?
Thanks in advance.
