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Nicola-mod
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Category: Law
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My wife and I own outright our home. We may get tied up in

Customer Question

My wife and I own outright our home. We may get tied up in a company litigation case in the US and wanted to know can we transfer this asset of the home to our children to protect it. It there a time limit this has to be done by to be effective in protection?
Submitted: 4 years ago.
Category: Law
Expert:  Alex J. replied 4 years ago.

ajlaj01 :

Hi, Thank you for your question and welcome to Just Answer. What you are referring to is the ability of a trsutee in bankruptcy to set aside certain transactions where they have been made solely with the intention of avoiding creditors. These offences start at S.339-340, and are known as preferences or transactions at undervalue. What you are referring to would be a transaction at undervalue. The relavant time for this is any property transferred five years preceeding bankruptcy. As you are in litigation in the US and your centre of main interest is in the UK your bankruptcy may well end up in the UK, from US litigation to Bankruptcy may be a long jounrey so in theory you could make this disposal. You may also wish to look into making the disposal in a trust as an alternative? If the order is not made against your wife, the trustee would only be able to claim a share in your half of the property I look forward to hearing from you. KInd regards AJ

Expert:  Nicola-mod replied 3 years ago.
Hello,

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Thank you,
Nicola

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