Knuckles
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Change of ownership of rental property
My wife and I jointly own a rental property (purchased after marriage, 50/50 split). Our intention is to change the ownership of the property so that I am the sole owner and sole recipient of income (I am freelance and part time, so this would be useful additional income for my ability to gain credit etc). We are not separating or divorcing, we just want the income to come to me only. Is this allowed and how is it best achieved? I've seen talk of Declarations of Trust, Form 17s etc but not sure how they apply in this instance. Would we need to officially change the ownership of the property to my name or would a declaration of trust/form 17 be enough? Thanks in advance!