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A trust may help to preserve assets

On Behalf of | Feb 23, 2021 | Blog, Property Division |

A prenuptial agreement can be an effective tool for retaining property in the event of a divorce. However, Florida law says that you must disclose all of your assets during the process of negotiating such an agreement. If you’re not comfortable doing that, it may be possible to protect a home, car or other items by placing them in a trust.

The trust owns the assets

When an item goes inside of a trust, ownership of that item gets transferred to a separate entity. Since you no longer have any control over a given asset, it is no longer subject to property division rules. Furthermore, creating a trust might protect your property from other interested parties seeking to profit from your success.

You can still benefit from an asset while it’s part of a trust

The trustee can add you as a beneficiary to a bank, brokerage or other type of account. Furthermore, the trustee may give you permission to live in a home that is now under his or her management. This assures that you don’t lose the ability to maintain a reasonable lifestyle after ceding control of your belongings. It’s also possible to add your children as beneficiaries to the trust to ensure that they’re adequately cared for regardless of what happens to you.

If you are thinking about getting married in the near future, it may be a good idea to speak with an attorney about trusts, prenuptial agreements and other steps that you can take to protect your property in a divorce proceeding. An attorney may also review an existing trust, prenuptial agreement or other documents that have been created in an effort to preserve your assets.

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