Paterno sold family home to wife for $1

In Florida if you get a judgement against one party in a marriage and not the other you cannot attach items of value that are owned by both parties. (You cant get the house due to homestead exemption, but that is a different topic.) So if I own a car, in my name only or have a checking account in my name only, and the judgement is against me you could attach those assets. However, if the judgement were against me only and the assets were in the name of both my wife and me, you cannot attach those assets.

If I ranover and killed someone, then the next day transfered all of my seperate assets into my wife and my names that would likely be deemed a fraudlent transfer and the estate of the dead person would likely be able to collect on a judgment that was rendered against only me.
 
I've seen instances where a parent will "sell" the house to a child for $1. Then if the parent had to go into a nursing home, the house couldn't be used as the parent's asset. I think there's a waiting period of a few years, though, if a nursing home is involved.

Still think the Paterno business is strange. If he has a will, and I assume he does, he can take care of her in it. The usual is that Mrs. P. gets everything if he dies first, and in her will Mr. P. gets everything if she dies first. So I look at the Paterno thing as protecting assets for some reason.
 
Most states have fraudulent transfer laws
If property is transfer prior to the expectation of a lawsuit, and usually within 90 days of the filing, a court will nullify the transfer. However, this occurred in August and so is likely outside the fraudulent transfer law.
 
A transfer done within 90 days of bankruptcy or a suit you KNEW was coming is per se fraudulent in most states and would be voided as a matter of law.
 
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