divorce and changing title to kids

[artemis]

question

my s-i-l has separated from her husband and they have a ppor and 2 ips..
she wants to sell the 2ips to cover all the debts and then change the title of the ppor to her kids..

is she able to change the title over? the kids are both under 8 years of age.

thanks

 

[Raddles]

Hi there
she shouldn't transfer property to kids under 18 years or potentially the public trustee can come in and take over the property for the benefit of the kids
she might be better considering a testamentary trust in her will that benefits the kids
thanks

 

[artemis]

thanks raddles..

she wants to continue living in the ppor with them but wanted to put it under their names to protect them and also to make sure that she gets to stay in the house! she is afraid that otherwise her soon to be ex husband will want to sell all three properties..

 

[plusnq]

Hi

The Family Law Court can unwind any of this, so I wouldn't consider proceeding with any changes without consulting a solicitor first. If the husband's name is on the deed or loans then his signature would usually be required for any transfers to another entity.

I would get your SIL and her husband consult a solicitor and explain the situation and see if they resolve a property settlement amicably. It is a lot cheaper than going through the courts.

My commiserations to the whole family.

Shane

 

[tubs]

It wont be up to the ex-husband what happens to the properties. He will be given a % of the total estate. This means the ex-wife will be able to decide what happens to her %, and there is nothing that would force her to sell everything, unless there are very high debts or something unusual.

As the custodial parent, it is likely she would get a fairly high %.

The problem with a testamentary trust is that it doesnt stop a house being sold in the meantime and the property is no longer covered...and she would have to actually die for her kids to get the house. This may be a bit extreme.

 

[Mr. Fabulous]

and she would have to actually die for her kids to get the house. This may be a bit extreme.

Just a little bit, hahaha.

Mark

 

[Mom]

If the properties are being mortgage to bank, all parties involved would be required to authorise all this change of name etc. Not as easy as you might thought. Transfering to kids iht attrack stamp duty on transfer.

Advice her not to be short sighted, Consult with family law specialist, as there's superannuation that also must be divided, etc..etc...