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    mk222's Avatar
    mk222 Posts: 2, Reputation: 1
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    #1

    May 29, 2007, 02:52 PM
    QuitClaim Deed on House in favor of spouse
    Greetings:
    Our retirement nest egg is the equity on the house - we live in Illinois. My spouse don't work. I am self employed (no employees - but uses subcontractors). I can get sued if the subcontractors don't perform. I am not party to any litigation currently and no potential problems are in the horizon. If I quitclaim deed in favor of my spouse can the house be secure from any future judgements against me?

    Can the judgement holder claim that the house should be available to satisfy the judgement since I am the one who is paying the mortgage and taxes, even after doing the quitclaim deed?

    Can I use a standard quit claim deed form or does this have to be specially drawn up by a lawyer?

    My spouse and I are both on the loan / title for the house. If I quitclaim, would the lender gets notified automatically? Would they object or force me to settle the mortgage loan and ask my spouse to re-apply?

    Thanks
    MK222
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    May 29, 2007, 06:13 PM
    That normally would protect, but of course a judgement holder can try to prove any and everything if they want to. And it will be up to you and your attorney to prove why it is this way and why it was transferred.

    Why do you not set your business up as a LLC or corporation to protect all of your personal assests?
    mk222's Avatar
    mk222 Posts: 2, Reputation: 1
    New Member
    		  
    #3

    May 29, 2007, 08:32 PM
    Thank you Fr_Chuck
    My business is setup as an 'S' corporation. Even with an 'LLC', I was told that I could be sued (for auto accidents while the sub is on his way to the client site). I want to protect the home as much as possible and leave it for my spouse and children to enjoy.

    Regards
    MK
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