How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Nicola-mod Your Own Question
Nicola-mod, Moderator
Category: Law
Satisfied Customers: 21
Experience:  Moderator
Type Your Law Question Here...
Nicola-mod is online now

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 4 years ago.

Just a quick reminder, there is an unrated answer waiting for you here from the Professional.

If the Expert was helpful, rating their answer as satisfactory transfers your deposit to them – this is how the Expert is compensated.

To rate your answer, you can go to your question page, and click one of the five faces below your Expert's answer. Please be sure you are logged in with your username and password or you will not be able to view or rate your answer.

If you still need help with your question, please feel free to reply to the Expert on this question page. You may ask as many follow-up questions on the same question page as you need until you are satisfied.

Thank you,