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Trusts can protect your assets during a divorce

During a divorce, many people want to do whatever they can to protect their assets. Financial trusts are becoming more common because of their ability to protect certain kinds of assets and properties. Trusts can be in a will for use after death or during a person's life.

Do trusts protect your property during divorce?

Trusts do have a place when it comes to divorce. Assets placed into a trust prior to your marriage may be treated as separate property. Before you get married, you should always consider what your assets are and how you'll protect them in a divorce. Keeping your assets separate protects your financial interests, and a trust is a great way to do that.

What kinds of trusts should you consider?

If you own a business, consider a Domestic or Foreign Asset Protection Trust. If you're interested in protecting your finances, a discretionary trust might work well. In either case, it's possible to put your assets into the trust, which could make them immune if your property is divided during divorce.

What can you do if you don't have a trust and you're going through divorce?

If you're already married and don't have a trust, you can still work with an attorney to determine which of your assets are shared or separate. By defining your separate property, it's easier to protect those items and then to fight for your fair share of property between you and your spouse. Some property is separate without needing a prenuptial agreement or trust. For instance, an inheritance that is not in a shared account remains your separate property, just as any item you buy with that inheritance stays your separate property.

The law has many complicated factors to consider, which is why it's important to go over your case with a professional.

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