we put our house in the kids name. can they be sued and we lose our house?
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we put our house in the kids name. can they be sued and we lose our house?
Also in the event of a divorce by one of the kids can the
spouse get part of the house?
Asked on August 19, 2018 under Real Estate Law, Arkansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
Yes and maybe:
1) If you put the home in their names, they become the owners--period, end of sentence. Theefore, if they are sued and lose, and do not or cannot pay the judgment against them, the plaintiff (person suing them) can put a lien on what is *their* house in the law's eyes.
2) Since the house will be in your children's names, if they were married when they received their interest in the house from you, the house might be considered a marital asset which their spouse could get (or least get part of the value of) in the event of divorce. If they are given their interest in the house pre-marriage, it would not be a marital asset and a spouse would have no claim to it.
Also, bear in mind that since the house will belong to the children, not you, if you put it in their names, they could eject or evict you from what is then *their* home if they choose; you will have no right to live in the home agains their will if you simply put it in their names.
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