Asset Protection: Trusts And Divorce
Trust funds can be crafted to serve a variety of legal functions. They can play quite a large role during a divorce proceeding for the simple, and often overlooked, the reason that assets placed in a trust before marriage are treated as separate property and are untouchable by the divorcing party. Setting up a domestic or foreign asset protection trust will allow you to shift ownership of your property, including a company should you own one, to a separate trust.
In the event of a contentious divorce, property division of the trusted assets will be rendered a complete nonissue as you are NOT the owner of them, but rather the TRUST is the owner. Trusts offer more flexibility than prenuptial agreements in that they do not require the consent of the marrying party and may be unilaterally formed by the vested party. When the formation of the trust predates the wedding, the future ex-spouse will be effectively preempted from formulating a viable legal claim against the trust property and all without their foreknowledge.
A Family Attorney Can Provide Legal Asset Protection
The terms and conditions of such a trust must be meticulously crafted by a skilled legal professional in order to ensure the type of protection described above. It is important to exclude unintended beneficiaries, including, but not limited to, ex-spouses.
Divorce is, of course, the furthest thing from the mind of a party considering marriage, but the possibility, which is statistically quite large, nonetheless looms. In order to ensure that legally enforceable safeguards for your premarital assets are securely in place you can confidently rely upon the skill and expertise of the trust fund attorney team at V. Freitas Law, PLLC, to dot the “i”s and cross all the legal “t”s.
Use A Trust To Protect Yourself Before A Divorce
The utility of protective trust funds can be extended to reduce your target profile against many forms of confiscatory taxation and other predatory schemes that may jeopardize your assets. We invite you to sit with us and discuss the possibility of armoring yourself with this type of financial protection at V. Freitas Law, PLLC.
Our Seattle Family Law attorney team is also at your disposal to render our legal expertise in discussing your familial circumstances in the perspective of setting up wills, estate planning and the disposition of real estate holdings. Contact us now at 206-536-2875. Let us prove to you how valuable a good attorney can truly be to your future security.