Legal Question in Real Estate Law in California

Re: How to specify percentage ownership in jointly owned asset?

Wire you making a mountain out of a molehill??? Just give him the car and transfer full title to it. Why do you need to keep an interest in the car, sibling rivalry, one-upsmanship, older brother syndrome!!!!! I've been practicing law thirty years am one of the best rules I've ever dealt with, even in multimillion dollar transactions, is kiss, keep it simple stupid. It is more complicated for you then it is worth unless you can give me a real good reason why you have to keep an interest in the car. If it is because you think he will sell at any use the proceeds for something like carotids or waste it, don't give him the car. Lawyer like advice

Re: How to specify percentage ownership in jointly owned asset?

You could face a much greater loss than the car. If the car is involved in an accident and your brother is at fault, you could be liable for the damages. Your best approach may be to sell him the car and keep your name on the title as legal owner, and his name as registered owner. That way you could regain some control over the vehicle, in regard to creditors and protect yourself.

Re: How to specify percentage ownership in jointly owned asset?

Two people can own a car or other personal property as tenants in common, just as real estate can be and often is owned and held that way. However, if the purpose of splitting the ownership is to make life more difficult for your brother's present or prospective creditors, please be advised that transfer of any partial ownership would be a fraudulent transfer and a present or future creditor could have it voided and you would both lose your investments in the car. You might also lose your credit rating, your good legal record, and a lot of legal fees.