I live in Idaho and my hubby is self-employed. I want to protect the home if anything goes wrong w/the business. I re-fi'd only in my name but he had to sign stuff since he lives here and were married. Would a quick claim deed protect us if he goes under? I think there is an auto homestead on our home. He has alot of personal debt thats not in the business name and thats why i'm worried. I want to do what I can to make sure me and the kids are safe and we don't loose everything.
How to know if a quick claim deed will help?symatec
First it's a "quitclaim" deed. It is a transfer of title of the home. If he and you jointly transfer the house to you as a sole owner, technically he does not own it anymore. However, it is possible that in a bankruptcy action the court would rule that this was a "sham" transaction for the purpose of evading creditor claims. Personal residences, though, are generally excluded assets in bankruptcy anyway.
How to know if a quick claim deed will help?vista
Look into putting the house into an LLC. There is a whole bunch of things that can protect the house if it's in an LLC. I don't know lots about the LLC, but i know it separates the liability from you as a homeowner and the corporation. Google LLC for more details and the legal benefits.
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