Home › Forums › Marriage & Divorce › Divorce Asset Protection (Read This Now!!)
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Anonymous6With approximately half of all first time marriages ending in divorce, many couples want to protect themselves financially in the event their marriage fails. Couples can protect their individual assets prior to the marriage, during the marriage, or even in the midst of separation, in one of several ways.
Asset Protection Prior to Marriage
Taking steps to protect your assets prior to marriage is the best and easiest way to ensure that you’re protected in the event of a divorce. Since no assets have been commingled, there will be little to no argument over what is, or is not, separate property.
Pre-Nuptial Agreements
In order for the agreement to be considered valid, it must meet specific requirements set by each state. Pre-marital agreements can cover a variety of issues, including:
1) The division of property in the event of divorce
2) Property that will remain separate during the marriage
3) Payment of accumulated debt
4) Alimony payments.Assuming neither spouse was forced into signing the agreement, and both spouses disclosed their financial information accurately prior to entering the agreement, the court will look to the pre-nuptial agreement to determine how assets should be divided in the event of divorce.
Placing Assets in a Trust
A trust is a legal document created to hold property, including real estate, a business, stocks and other investments or cash. Distributions of trust assets are made by the trustee to one or more beneficiaries, based on the terms of the trust. Once assets are placed in a trust, they are owned by the trust, not the person who transferred them in to trust.
Trustee Doesn’t Have to Distribute Funds
Trusts can include language stating distributions to the beneficiary are discretionary, which means the trustee can make distributions at whatever time and in whatever amounts he wishes – including making no distributions at all. Unless the trustee abuses his discretion, the beneficiary cannot force the trustee to make a distribution.
The Trust Is Not Marital Property
This makes the creation of a trust an attractive option for protecting assets in the event of divorce. Courts have ruled that if one spouse is a discretionary beneficiary of a trust, the trust assets are not considered part of the marital estate, and are therefore not eligible for division between the spouses in the event of a divorce. For example, if a husband’s parents established a discretionary trust for him, the wife would not be entitled to receive any of the trust’s assets as part of the divorce settlement. This is true even if the husband created the trust and funded it with his own assets prior to marriage, so long as he did not also serve as trustee.
Distributions Can Be Marital Property
However, it is important to note that the distributions themselves may be considered marital property and subject to division between the spouses. For example, if a husband received a discretionary distribution he deposited into a joint account he shared with his wife, the distribution becomes marital property because the husband commingled his separate and marital assets. If, however, he receives the distribution and places it into a separate account in his name, then it remains his separate property and cannot be divided during a divorce.
Asset Protection During Marriage
If you failed to enter into a pre-nuptial agreement or create a trust prior to marriage, it is still possible to protect your separate assets in the event of a divorce.
Post-Nuptial Agreements
Post-nuptial agreements are the same as pre-marital agreements, except they are entered into after the marriage. Because you may have commingled assets since the marriage, this agreement may include how the marital property will be divided in the event of divorce.
Maintaining Separate Property
During marriage property is classified as either separate or marital. Separate property can become marital property if it was commingled with marital funds.
It is therefore important that any assets one spouse came into the marriage with be kept completely separate from marital assets, and that the owner not add her spouse’s name to any accounts or other property that they wish to remain separate property.
Asset Protection Following Separation
If the marriage is headed toward divorce, there are still steps you can take to protect assets following the separation:
1) Open a checking and/or savings account in your sole name
2) Do not place an inheritance in a joint account
3) Deposit paychecks and earnings earned after the separation date in a separate account
4) Don’t use marital assets to buy separate property. For example, the spouse who moves out should not use marital funds to buy a new house because the new house would be considered marital property and subject to division in the divorce.Protecting Your Assets
Nobody starts a marriage with the idea that it will end in divorce. However, it’s a fact that divorce does happen, and it is important for both spouses to protect their assets, particularly if children from prior relationships are involved. Before taking steps to protect your assets in the event of a divorce, it is important to meet with and discuss your options with an attorney, as laws vary amongst states.
Moral of the story is, keep your things separate and keep good records. Invest in a safety deposit box and keep your records there if you don’t want them around the wife. Look into having a trust, and placing your assets in there as well. Most importantly, cover your ass if you ever venture down the marriage road.
Or just wise the f~~~ up and don’t get married in the first place! 🙂
I still believe in Unicorns but would I risk my entire life hoping that one of today’s women were actually genuine in their proffessed feelings towards me, and not waiting to divorce rape me 5 years down the line?
The only way to win is by not playing the game.
It's Time to get Wise
That’s too much hopscotch,how about leapfrogging all the litigation and pump and dump. There is zero reasons for any man to get married or be in a long term relations~~~ with any women,they are a depreciating asset and should be treated as such. Would you invest in a stock that only free falls after you buy it? Also some mangina simp judge will find a “f~~~ him in the ass earmark” to wipe her tears with your checkbook.
P.S. Pre-nups are courtroom toilet paper.
Never lose sight of what brought you here.
Divorce lawyers will never be unemployed!
I like the idea of a family trust—if you can trust your family. Living in a house jointly-owned by your family is a good way to recover from a divorce.
I think more women will sign prenups in the future because more of them will have college degrees and high-salaried jobs. They sure as hell wouldn’t want to pay alimony/child support to an ex-husband who makes less money.
"I saw that there comes a point, in the defeat of any man of virtue, when his own consent is needed for evil to win-and that no manner of injury done to him by others can succeed if he chooses to withhold his consent. I saw that I could put an end to your outrages by pronouncing a single word in my mind. I pronounced it. The word was ‘No.’" (Atlas Shrugged)
A friend of mine just went through a divorce which ended last year. He is from a wealthy family but all assets are held in trust. His ex thought she was going to get a big payday including the $1.5M house plus support. But the trust protected him. And she got basically bare minimum. Part of this is also because she is technically an attorney (an education which he paid for) so her set income she is capable of making was really high. Stupid c~~~. Now she is struggling financially.
Anonymous6A friend of mine just went through a divorce which ended last year. He is from a wealthy family but all assets are held in trust. His ex thought she was going to get a big payday including the $1.5M house plus support. But the trust protected him. And she got basically bare minimum. Part of this is also because she is technically an attorney (an education which he paid for) so her set income she is capable of making was really high. Stupid c~~~. Now she is struggling financially.
See me, I probably wouldn’t mind being married, it’s just i don’t want to end up in divorce court. The stuff that i talked about in this post was basically to show how guys can cover their ass when they plan correctly. Have your own BEFORE you get married, not DURING the marriage. You gotta take care of yourself before the marriage so the wife never even comes into the equation.
Secondly keep good records away from your wife. Keep every important receipt, furniture receipt, bills, deeds to land, and deeds to the house, keep up with all of that stuff. Make sure your name is on the bills and important documents, ONLY YOUR NAME. Keep the documents in a safe or a safe deposit box that she doesn’t have access to or no about. Alot of guys don’t take care of business to cover their ass in a marriage and that’s why they get divorced raped.
Make sure you do your due diligence. Even if your not getting married, it’s still good to have your finances in perfect order.
I’m not married or planned to get married, but did have assets placed in an asset protection trust. Consult an attorney that specializes in these trusts if interested.
The reasons this works is that the assets in the trust were never owned by you before the marriage, during the marriage, or after the marriage. They are held separately in the trust. As long as you don’t comingle or withdraw anything from the trust, the assets are protected. I cannot stress enough the importance of not co-mingling assets in any way.
This protection also helps in the event of civil lawsuit.
Of course, all of this is only good before the marriage. Once you’re married, you’re pretty much screwed.
"He didn't marry until now, so he won't ever do it. Think about it, why would a man like him ever marry? It's too late to catch him. " ~some cunt
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