Can a trust protect my assets?
Yes, a trust can be used to protect assets. However, the trust must have some asset protections measures incorporated into it. The asset protection measures vary amongst trust attorneys. They must be tailored to your particular situation.
Don’t marry a gold digger….creating a post-nuptial agreement!
In California, a gold digger is as common as a leaf on a tree. Everywhere you turn, you will see one! The gold digger can be a man or a woman. Historically, it has been a woman, but this is no longer the case. If you are a successful individual, a gold digger will find you! You can meet these people anywhere, at a bar, a restaurant, at the grocery store, or anywhere else you go. Further, California is a community property state, and if you have at least 6 months of residency in this state you can file for divorce. Under community property laws, each spouse is entitled to 50% of each other’s assets. In addition, if there are minor children involved, child support, and child custody issues will be in play. Additionally, the spouse making more money may have to pay spousal support to the spouse making less money. Finally, a spouse making more money may end up paying for the attorney’s fees of the other spouse. A post-nuptial agreement can address the division of assets, and spousal support issues in the event of a divorce. The downside to a post-nuptial agreement is that it must be signed after you get married. So, what if your spouse does not want to sign this agreement? If that turns out to be the case, you may have found yourself a gold digger and you may want to consider divorce proceedings. A discussion of whether a post-nuptial agreement is good for you and your spouse should be done prior to marriage. If you decide to create the post-nuptial agreement, this agreement should be ready for signature right after you get married. The current California divorce rate is at an astounding 75%! If you do get a divorce, you should only mourn the relationship and not the loss of half of your assets. Please call our office for a free phone consultation!