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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11149
Experience:  30 years as a practising solicitor.
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What will be the consequences of transferring our home

Resolved Question:

What will be the consequences of transferring our home currently in joint names to my wife's name. we are thinking of doing this in case I am sued and have no money.

I do not want to sign up for a monthly payment plan

, I did not realise that this was the way it worked.

Submitted: 2 years ago.
Category: Scots Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
If you transfer your house to your wife and you are solvent at the time of the transfer, if you are subsequently made bankrupt, the trustee in bankruptcy would have no claim against the house. After five years from the date of transfer the trustee would not be able to challenge the transfer on any grounds.
So from a protective point of view, if your financial stability is questionable or may be so in the future the transfer is a good thing.
From a matrimonial point of view, it is irrelevant whether the house is in joint names or in the name of one or other of the spouses. Both have a right to share the matrimonial home.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 2 years ago.

What if I transfer now but have a claim against me within the five years or even within one year

Expert:  JGM replied 2 years ago.
The transfer is challengeable for five years but if you can prove that you were solvent at the date of transfer, ie, your assets exceeded your liabilities then any challenge would fail.
If you are not solvent at the date of transfer then you have to make sure there is no bankruptcy petition against you for the full five years otherwise the transfer can be challenged.
JGM and other Scots Law Specialists are ready to help you