Posted on: 07th Nov, 2006 04:27 pm
If one spouse transfers his property to another spouse, will it be considered as a fraudulent conveyance and that I am trying to avoid paying claims of my creditors.
Hi,
If the conveyance you are making is for a very nominal consideration which is not what the actual price of the property is and is done to stop the claims of any creditors then it will be considered as a fraudulent conveyance.
Thanks
Tim
If the conveyance you are making is for a very nominal consideration which is not what the actual price of the property is and is done to stop the claims of any creditors then it will be considered as a fraudulent conveyance.
Thanks
Tim
Let me provide with one example to make it clearer when such a conveyance will be considered as an attempt to avoid paying the creditors.
It will be considered a fraudulent conveyance if a property is purchased in the name of wife and the payment for it is done by the husband from his personal financial resources. This type of conveyance can be taken to court and challenged for validity by creditors of husband.
It will be considered a fraudulent conveyance if a property is purchased in the name of wife and the payment for it is done by the husband from his personal financial resources. This type of conveyance can be taken to court and challenged for validity by creditors of husband.
Hi Fred,
If you wish to transfer property in your spouse's name it will be considered as fraudulent only if you don't explain her the reason of such transfer. In your situation, you need to tell her that you want to avoid your creditors demanding the payments from you.
Hope this will help you.
God bless you
Samantha.
If you wish to transfer property in your spouse's name it will be considered as fraudulent only if you don't explain her the reason of such transfer. In your situation, you need to tell her that you want to avoid your creditors demanding the payments from you.
Hope this will help you.
God bless you
Samantha.
