If someone is threatening to sue me are my assets safe if I put them in my spouses name?
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If someone is threatening to sue me are my assets safe if I put them in my spouses name?
Asked on March 5, 2012 under Business Law, Ohio
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Your assets would probably not be safe. The courts have the power to set aside transactions or transfers which are obviously made to attempt to avoid a legal obligation or a judgment, or to defraud a creditor, including a judgment creditor (someone to whom you owe money due to a court judgment). If you transfer assets--especially to a spouse; i.e. to someone who is legally tied to you, who will let you use the assets, etc.--after you have been already threatened with a lawsuit, it is very likely that the creditor or plaintiff could move to have the transfer set aside or rescinded.
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