How should my husband and I list our names on the deed to our home to protect us from losing it in case someone ever tries to sue one of us?

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How should my husband and I list our names on the deed to our home to protect us from losing it in case someone ever tries to sue one of us?

My husband and I work in high liability fields. I need to know how to best list our names on our deed for our house to protect us from losing it in case someone ever tries to sue one of us.

Asked on October 6, 2011 under Real Estate Law, Texas

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

There is no easy or simple answer, since asset protection is a highly complex issue, involving balancing risk, tax consequences (different ways of holding assets can affect taxes), what could or would happen in the event of a divorce or separation, and the ease with which you could "unwind" the protection and sell, transfer or liquidate the asset when you need to. You should speak with a trusts and estates attorney and probably with a tax-planner, too, to decide what steps will best meet your needs; look not just at the home, but consider all your assets, globally, and build a comprehensive plan.

That said, a few general thoughts:

1) If either or both of you work as consultants or independent contractors (not as employees), set up an LLC (limited liability company) and conduct the busines through the LLC--that will immediately help shelter personal assets from work-related liability.

2) Make sure you have extensive insurance, including possibly professional errors and omissions coverage.

3) If you have the leverage with your employers, see if they won't agree to indemnify or protect you from liability arising out of work.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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