How Does Having a Trust Affect Your Divorce?
HTML-код
- Опубликовано: 5 фев 2025
- LOOKING FOR HELP? divorceandyour...
DIVORCE AND YOUR MONEY: divorceandyour...
PODCASTS: divorceandyour...
SUBSCRIBE: / @divorceandyourmoney
Episode 78 of the Divorce and Your Money Show discusses trusts and how they are affected in a divorce. Legal trusts are often used for such things as estate planning and asset protection. They can also be used for gifting, asset management, tax shelters, or protection from creditors. A trust is a legal vehicle, where a grantor puts assets or money aside, and the person who will receive it later is called the beneficiary. A third person known as the trustee is in charge of managing the assets. The most important point to notice about trusts in a divorce is the language used in the trust document. You need an attorney to look at this language, which can be very specific or pretty broad. The type of trust and how it is worded for the beneficiary are really important. A well-worded trust explicitly states that the money in the trust is only for the beneficiary. It can prevent a spouse from getting part of the trust. Even though you and your spouse may have benefited from the trust during marriage, it doesn’t mean that you will benefit from it or use it during the divorce settlement. In some states, income from a trust is also calculated and used to offset or add to spousal or child support. A good financial team will greatly help you understand how things work in your state. Key Learning Points: Trust is a legal vehicle, where a grantor puts assets or money aside, and the person who will receive it later is called the beneficiary. Trusts can be used for such things as gifting, asset management, tax shelters, or protection from creditors. The most important thing to notice regarding trusts in a divorce is the language used in the document. A well-worded trust explicitly states that the money in the trust is only for the beneficiary. Since the beneficiary doesn’t usually own the trust, it’s even more difficult for the other spouse to benefit from it during divorce. Thank you for listening to the Divorce and Your Money Show. We hope the show helps you through one of the most difficult periods of your life. Shawn Leamon is also author of Divorce and Your Money: The No-Nonsense Guide. One-on-one divorce coaching services are available at www.divorceandyourmoney.com. If you enjoyed the show, please take a moment to leave a review on iTunes, as it will help other people discover this free advice.
it’s great that attorneys are giving this valuable information for free .
Owned my own home and placed it in a trust years prior to wifey showing up, She now wants a "ATM" payout from me. I am the Trustee of the trust, not her. So glad I did.
No Comments?? WTF?? This Information Is Invaluable. Thanks Shawn!🤙🏽💯
Thx... So trust before prenup!!!
Thanks for putting this out I like focusing on solutions not problems
What happen if you set up a trust with community property right before divorce for just one of the person? Can you contest or amend it?
the best protection for your money against divorce is to not get married in the first place
That's for damn sure!
🙊
Lol facts
💯💯💯
I came here to say this.......
if you have homes in both name can you still move to Trust and what happen in divorce if it was in Trust
faminio , he told me my name doesn't have to be on the house because it is on the trust.
Can you help with providing information on putting a business in a trust. I have a friend that in the process of starting a business discovered that thier spouse was stealing from them buy taking money from the 401k and opening credit under her name. Unfortunately she learned this after she started her LLC and has paused the process in building this business. She's not sure if he'll be entitled to earnings from the business wants income has started. It was suggested to put the business in a trust before starting the divorce to protect it.
If I understand correctly, the spouse can't take the money in the trust, but the judge can consider the trust in determining how much resources each spouse needs?
I believe that is accurate with respect to a trust established by your deceased parents for your benefit. It is not accurate with respect to a revocable trust that you set up for yourself and your children as part of an estate plan. Until you pass away, the trust is revocable and an extension of you, so assets in it can be taken from you in a divorce. However, after you die, your children’s spouses cannot get to it in a divorce, if the trust was properly drafted.
Does that mean a trust only protects the husband ???????
Dirty attorneys will take advantage of this wording and not write up the Trust correctly . It sucks but it happens . Careful of who you hire .
I have been married 45 yrs and nothing is in my name and my husband keeps saying but we have a trust and it's in both of our names , and I say it not it is only in his name . Can a trust be put in BOTH NAMES?
Yes. It can be in both names as Trustees and you would need to sign in front of an attorney or notary with possible witnesses. Check your state regulations.
Your not getting his money lmao through a divorce
You came here to see how you could take the money? loool planning a divorce huh?
45 years of free shit, and you STILL want more?
After 45 years you want to Divorce him. Seems like that's why you r asking the question. What's the problem with the current status of the trust if u both r together