Divorce: What Should You Do About Your Assets?
If you and your divorcing spouse can't come to an agreement about your house, vehicles, and other assets, seek answers now. Divorce is already one of the toughest experiences that married couples can face today. When couples possess substantial assets, the challenges of divorce can be even more difficult to get through. Learn how you can safeguard your assets properly with the tips below.
Set Up Trust Funds for Your Children
Many couples purchase homes, cars, jewelry, and other valuables during their marriage. Although many couples choose to keep their assets separate before and after marriage, some couples choose to keep everything together as one family unit. However, divorce can change everything you and the other spouse feel about your assets. If you and your spouse can't agree on how to divide your assets during your divorce, it can eventually wreak havoc on your children's futures and well-being.
One of the things you and the other spouse can do to solve your financial dilemma is set up trust funds for your children. Trust funds allow your children to inherit funds and other property once they reach adulthood or after your passing. The trusts can prevent you and the other spouse from fighting over the assets because they essentially no longer belong to you. Special laws in your state or federal government protect the trusts from misuse and mishandling.
You can ensure that your children receive your assets by having a family law attorney assist you.
Find a Family Law Attorney
A family law attorney can help you and the other spouse choose the right type of trust funds for your children. Many types of trusts exist today, including irrevocable and revocable. Irrevocable trusts may be better for you and the other spouse because they protect you against creditors and other entities. For instance, if you or the other person encounter financial problems after the divorce, irrevocable trust funds will prevent creditors from tapping into your children's inheritances.
In order to establish trusts for your children, an attorney may need to meet with you and the other spouse. If you or the divorcing spouse decide to keep some of the assets for yourselves, a family lawyer can assist you with it. An attorney may also go over other ways you can safeguard or divide your assets. If you need clarification about any of the options available to you, speak up right away.
For more information on how to safeguard or divide your assets during divorce, contact a law office, such as the Law Office of Faye Riva Cohen, P.C.