To all of you getting divorced: Set up a trust

[HowardParticipant 164]

Just my two cents, I’ve seen a lot of people on here getting divorced lately or been divorced recently. If you have kids under say 25, set up a trust to make sure your money is safe in case of an untimely demise of yourself.

You are now hopefully able to save up some money and/or pay off debts unlike you could before(unless you got screwed over by the court system), please make sure you set up a trust for your kids. If you were to happen to die now your money goes straight to your next of kin (Your kids) Guess who has guardianship over your kids and can spend the money how she sees fit?

Seriously, set up a trust, protect your money so it either goes to your kids when they are much, much older or to some other cause.

[MoreSkyParticipant 4865]

Good advice.
I’m doing exactly that.
Setting up a trust with my father having control not my daughter’s mother.

"...reinvent your life because you must; it is your life and its history and the present belong only to you.” It is Your Life, Charles Bukowski.

[Anonymous 6]

No, set up a trust years before you even get married.

Never use joint accounts. Say for example you buy some furniture, pay for it out of your account and keep the receipt in safe deposit box. Then when the divorce happens, you got proof that you paid for it out of your account, therefore that piece of furniture is legally all yours and she can’t take it.

Keep your receipts. And get a safe deposit box is another bank that she doesn’t know about. If they have to send mail periodically, put your job address as the place you get mail. Or even get a box at the post office.

Divorces can go well for men who plan. Look up all the articles that help women go through divorce. There are all kinds of sneaky ways they can do stuff. LEARN THAT S~~~ and do it back to them.

Reading is fundamental.

[HowardParticipant 164]

Anonymous wrote:

No, set up a trust years before you even get married.

Not arguing; however, I would hope that people never get married after going through what they went through. I had noticed a few people post about getting their divorce certificates or soon and was just offering advice for them.

[BigvernParticipant 1983]

Anonymous wrote:

No, set up a trust years before you even get married.
Never use joint accounts. Say for example you buy some furniture, pay for it out of your account and keep the receipt in safe deposit box.

F~~~*ng Eh, @venom, you gotta be 3 steps ahead, but having said that if it’s THAT MUCH TROUBLE, don’t bother in the first place, THEY WANT YOUR MONEY, MEN……

"What made you think, there'd be a livin' in sheep?, Eat, Work, Eat Work and Sleep" - Mark Knopfler.

[Sky-OParticipant 18936]

Keep in mind:

A trust needs to be set up prior to the marriage.

The date must precede the date of the slavery contract (marriage)

And there are costs associated with setting up and maintaining a trust.

Also: If you have a house in a trust prior to marriage. Get married and have kids, a family court judge during a divorce can require the kids stay in the house (with mommy) until they are out of school and a guy can keep ownership of the house but not full use.

And tax returns for a trust are rigorously vetted by the IRS and have a high audit rate.

[Anonymous 12]

why marry.

[CarnageParticipant 22113]

Im already divorced, got no heir, no much family left, my mother will die in 30 years or Soo. And everyone else can suck my dick.

Gotta burn it all before I die.

To those following me, be careful, I just farted. Men those beans are killers.

[TwistParticipant]

Bigvern wrote:

if it’s THAT MUCH TROUBLE, don’t bother in the first place

Exactly.

[Sky-OParticipant 18936]

Carnage wrote:

Gotta burn it all before I die.

Start skydiving. You can burn through money quicker than taking a flame thrower to the cash.

[Prefer Peace to PieceParticipant 10809]

Good advice. Trusts are good, but you have to have the right type of trust. From legal zoom:

“In the case of an irrevocable trust, however, the property is out of the reach of both spouses. By definition, if you create an irrevocable trust, you cannot change your mind later and take the assets back. The trust holds them to be transferred to your beneficiaries after your death and divorce does not change that. If the trust is revocable, you can undo it. You can take the property back into your ownership or the court can order this done prior to issuing a divorce judgment. If the asset is marital property, your spouse is entitled to her share of it.”

So in other words, make sure the trust is irrevocable.

I personally don’t have a lot of experience with trusts, so I’m not the best person to advise you. My expensive pre-nup lasted about 30 seconds in court. Some of my friends had revocable trusts and they didn’t last long either. I haven’t heard of any irrevocable trusts being seized. Good luck.

[Anonymous 6]

Prefer Peace to Piece wrote:

Good advice. Trusts are good, but you have to have the right type of trust. From legal zoom:

“In the case of an irrevocable trust, however, the property is out of the reach of both spouses. By definition, if you create an irrevocable trust, you cannot change your mind later and take the assets back. The trust holds them to be transferred to your beneficiaries after your death and divorce does not change that. If the trust is revocable, you can undo it. You can take the property back into your ownership or the court can order this done prior to issuing a divorce judgment. If the asset is marital property, your spouse is entitled to her share of it.”

So in other words, make sure the trust is irrevocable.

I personally don’t have a lot of experience with trusts, so I’m not the best person to advise you. My expensive pre-nup lasted about 30 seconds in court. Some of my friends had revocable trusts and they didn’t last long either. I haven’t heard of any irrevocable trusts being seized. Good luck.

What if you own an LLC, and list the irrevocable trust in the name of the LLC. So the LLC owns the property but YOU own the LLC. Would that get past a judge?

[HowardParticipant 164]

I was more referring to people who’ve just gotten divorced and have young children. Assets are already divided, you are presumably accumulating more assets after divorce and you don’t want them to just go straight to the children in case you were to die.

So I’m divorced, my ex wife is no longer spending all her money as well as all of mine. During my marriage I got used to buying next to nothing for myself, as a result after divorce I paid of my debts in no time and am now accumulating wealth. I wouldn’t want that to just go straight to my kids while they are still under the guardianship/influence of their mom.

[Author]

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