Spousal Stripping

Hey, if you can get them to do it, good for you. Put a pole in the basement and have a good time.

In the financial world, the term "spousal stripping" refers to a debt evasion technique. You’ve built up a lot of debt. The bankers are about to start foreclosure proceedings on your house. To avoid this from happening, you transfer ownership of the property to your spouse, who has no debt in their name.

The maneuver strips your assets and hands them over to your spouse (so...your spouse isn't doing any stripping at all, at least not in this context). The goal is to shield the assets from foreclosure and/or seizure, since they are no longer under your name.