The division of marital and separate property between the spouses is one of the most time-consuming and complex parts of a divorce. Fortunately, it is possible to create an irrevocable trust before marriage to shield assets from the division process that occurs during a divorce. This option is available because many people encounter increased challenges in protecting assets after they have married.
Irrevocable Trusts can Protect Beneficiaries
If you are the beneficiary of a person’s estate, you have not yet received any assets and there is a risk with some types of estate planning structures that a divorce could leave you incapable of receiving assets. Fortunately, the terms of an irrevocable trust cannot be changed or modified even by a divorce, which means that the assets will remain dedicated to a beneficiary even though your inheritance is currently unrealized.
Using an Irrevocable Trust While Planning for a Marriage
People who create irrevocable trusts and place assets in them before marriage are never at risk of having these assets classified as marital property or having them divided in a divorce. This is because the irrevocable trust is considered to own the assets rather than the individual. The risk of this is that an irrevocable trust exists forever and a person cannot get these assets back at a later date if he or she decides to share them with a spouse.
Instead of an irrevocable trust, it is possible to use a prenuptial agreement to protect assets from the distribution process during a divorce.
Shielding Assets in an Irrevocable Trust
Assets that a person acquires during a marriage are classified as marital property. In some situations, an irrevocable trust is capable of protecting assets from the distribution process that occurs during a divorce.
If you place assets in an irrevocable trust and your spouse is aware of it, these assets will likely be protected from distribution. If you transfer assets to an irrevocable trust in anticipation of a divorce, however, a court might consider this a fraudulent transaction.
It is not possible to deliberately remove assets from marital ownership only so a soon-to-be former spouse will not receive them. In these situations, a judge can order the irrevocable trust to be dissolved and divide the assets among the couple.
Following a Grantor’s Death
In Georgia, the appreciation of separate property is classified as a marital asset. This means that if assets held in a trust appreciate during a marriage, a spouse might have the right to claim a share of this increase. If a trust is discretionary, however, the trustee has the power to take a trust out of the division of property during a divorce.
Speak With a Skilled Family Attorney in Atlanta
The property division during divorce is an often feared and nerve-wracking process. Irrevocable trusts are just one of several strategies that can be utilized to protect a person’s assets during a divorce. If you need the assistance of an experienced divorce attorney, do not hesitate to contact Vayman & Teitelbaum, P.C. today.
Types Of Family Law Services
Family law covers a wide range of legal matters that impact families at different stages of life. Our Marietta, GA family lawyer recognizes how important it is for families to have guidance and support when facing these legal situations. Family law is not limited to divorce; it encompasses several types of cases that help protect the rights and well-being of everyone involved. Below, we outline the main areas of family law that people often encounter.
Divorce And Separation
Divorce is one of the most common issues in family law. It involves the legal dissolution of a marriage, dividing property, debts, and addressing financial support. In some cases, couples may pursue legal separation instead, which allows them to live apart while maintaining certain legal protections. Families dealing with divorce or separation can benefit from clear advice on filing procedures, division of assets, and spousal support matters.
Child Custody And Parenting Arrangements
Child custody and parenting arrangements are central to family law. These cases determine where children will live, how decisions about their upbringing are made, and how visitation schedules are handled. Courts prioritize the child’s best interest while considering each parent’s circumstances. Families facing custody disputes often need support in creating agreements that are fair, sustainable, and focused on the child’s needs.
Child And Spousal Support
Family law also covers financial support obligations. Child support ensures that children receive the necessary care from both parents, while spousal support addresses financial imbalances after a divorce. Calculating support typically considers income, expenses, and the standard of living during the marriage. Families may work with our Marietta family lawyer to establish support arrangements that are fair and enforceable.
Adoption And Guardianship
Adoption and guardianship are legal processes that provide permanent or temporary care for children. Adoption allows individuals or couples to assume full parental rights and responsibilities, while guardianship may grant someone the authority to care for a minor or incapacitated adult without terminating parental rights. These processes help families secure legal protections and stability for those in their care.
Domestic Violence And Protective Orders
Family law also addresses situations involving domestic violence or abuse. Protective orders can prevent further harm and offer legal remedies to victims. Courts may impose restrictions on contact, mandate counseling, or establish temporary custody arrangements. Families facing domestic violence situations need guidance to safeguard their safety and the well-being of their children.
Paternity And Parental Rights
Establishing paternity is a critical component of family law. Legal recognition of a parent-child relationship affects custody, visitation, and support obligations. Paternity cases ensure that children have access to benefits, inheritance, and parental care. Parents may seek legal measures to clarify or enforce their rights and responsibilities.
Property Division And Marital Agreements
Property division addresses how assets and debts are divided during a divorce. Prenuptial and postnuptial agreements allow couples to define ownership and financial responsibilities in advance. According to our Marietta family lawyer, families often benefit from these arrangements to prevent disputes and provide clarity during major life changes.
Contact Us Today
Family law can affect nearly every aspect of family life, from financial responsibilities to the care and protection of children. With over forty years of combined legal experience, our team at Vayman & Teitelbaum, P.C., is committed to helping families navigate these matters with clarity and support. If you are dealing with any type of family law issue, we encourage you to reach out to our boutique law firm to discuss how we can help protect your rights and the well-being of your loved ones.
