My ex based on the terms of our settlement is required to turn over half of our home. The deed he had prepared was a deed of gift. My attorney says that is an unusual way to prepare the deed and it should have been a quit claim deed. Is there a problem with accepting the deed of gift?
2007-12-05 08:11:54 · 6 answers · asked by Luci 4 in Politics & Government ➔ Law & Ethics
Because the deed is a gift you may be subject to tax penalties, rather than him just dropping his name. It sounds like to me he wanted to house you with the extensive gift tax. Otherwise he could possibly, depending on your state law, be seen as fulfilling any of his requirements including turning over his half and any alimony depending on the value of home. Most likely the first one, I would do that if I wanted to hose my ex.
2007-12-05 08:16:01 · answer #1 · answered by dpcarras2007 5 · 0⤊ 0⤋
Most states want a quit claim or warranty deed; Deed of gift might be advantagous for him taxwise. Check with an accountant about any possible tax problems with getting the property as a gift instead of a quit claim as property settlement
2007-12-05 08:14:53 · answer #2 · answered by wizjp 7 · 0⤊ 0⤋
I'm not a hundred percent positive, but a deed of gift means you will owe taxes on it, versus a quick claim deed which simply transfers ownership. It is highly unusual.
2007-12-05 08:15:21 · answer #3 · answered by Jay D 3 · 0⤊ 0⤋
I would listen to your attorney and have him redo the deed per your agreement.
2007-12-05 08:35:16 · answer #4 · answered by lahockeyg 5 · 0⤊ 0⤋
Ask your lawyer. That could change depending on your state.
It may affect what taxes you pay.
2007-12-05 08:15:04 · answer #5 · answered by Lyn B 6 · 1⤊ 0⤋
Ask your attorney. That's what you're paying him for.
2007-12-05 08:15:49 · answer #6 · answered by Anonymous · 1⤊ 0⤋