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Advice Needed...Should we transfer asset...

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PhxGuy520

Member
What is the name of your state? AZ

A few year back I borrowed money from my brother in law to buy a truck (even drafted a legal contract with him). Since my fiance was home with our kids all days I just had her title the truck in her name since it was hard for me to get down to the DMV in time. Now the truck is paid off but she is being summoned for some old credit card debt of totaling about $20000. I am worried about them going after the truck should she lose (blue book is about 13k). Should I transfer the title into my name or will that just look worse? Would the fact that I have a contract stating I am the one who actually made the payments on the truck.

Other facts in case it matters: We live together with our 2 kids, and share a bank account. Should I have her get her own account?
 


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seniorjudge

Senior Member
Q: Should I transfer the title into my name or will that just look worse?

A: Such a transfer is a fraud on creditors' rights.
 
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PhxGuy520

Member
rosier2000 said:
Does it have a lien agaist the title. If so, is it recorded?
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No lien...it is free and clear. It just should be registered in my name since I am the one who made the payments. I figured we would be married by now so it would not matter who's it is registered under. In fact I think the title may have my name, but it is registered with the DMV under her name.
 
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P

PhxGuy520

Member
seniorjudge said:
Q: Should I transfer the title into my name or will that just look worse?

A: Such a transfer is a fraud on creditors' rights.
Click to expand...


Well I guess my point was that I have a legal document stating I made the payment and the truck never should have been in her name. The registration in her name was never intended.
 
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seniorjudge

Senior Member
PhxGuy520 said:
Well I guess my point was that I have a legal document stating I made the payment and the truck never should have been in her name. The registration in her name was never intended.
Click to expand...
The registration in her name does show that it was intended.
 
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