Q: My mom deeded her home to me for $1. We figured that when she passed away, the home already being in my name would make things easier. Is her home a divisible asset if I divorce
A: Here, I’d want to know a little bit more about the transaction and the property itself. Did mom deed to all of her children or just this particular child? When and why was this done? Has either (divorcing), or both, spouses lived at mother’s residence for any period of time since the home was deeded to child? Have marital assets been used to pay for mother’s mortgage or maintenance costs? Often times, a parent will deed a home to their children to “make things easier” when they pass away. The home will then be in the child’s name and there will be no requirement for legal steps to transfer title, etc. Where the transaction was clearly done for estate planning purposes, the argument can be made that this property is not a marital asset and that it is therefore, NOT divisible in divorce. If, however, the (divorcing) parties lived in the home, or expended funds to support mother’s home, it is possible to argue that the home is, at least in part, a marital asset subject to division. This is one of those questions that is very fact-specific and should be addressed specific to your circumstances.