Legal Question in Real Estate Law in New York
my condo
Our condo is in both my husband and my name. he has about $14,000.00 (Thousand) dollars in debt. he is out of a job for the past 5 months and I'm not sure what the future holds. Should I take his name off the Deed and if I do what would happen if something should happen to me?????
1 Answer from Attorneys
Re: my condo
If you take his name off the deed to avoid creditors placing a lien on the property upon judgment of debt, you may be violating the NY Debtor Creditor Law dealing with fraudulent transactions. Under the law a transfer of assets without consideration to avoid a debt is fraudulent and the transaction may be vacated.
If you transfer the condo to your name and you should die, the asset would be passed to your husband either by will or by intestate (without a will). If the condo is passed to your husband intestate, 50% of condo goes to husband and 50% of condo goes to children (if any).
Mike.
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