How to Protect Your Assets from a Child’s Divorce

A child’s wedding day is one of the happiest occasions in life for most parents, especially when they approve wholeheartedly of that child’s choice of mate. Sometimes, however, the choice is not always welcomed and parents become concerned about how to protect assets they plan to leave their children in case of a divorce.

Fortunately, there are several estate planning devices that allow parents to shield assets from those who marry – and may divorce – their children:

Irrevocable trust – one of the most common ways to pass assets to children, an irrevocable trust provides asset protection as long as it is not mixed with marital funds.

Preservation trust – this type of trust can be used to protect assets from a divorce by having your child place his or her assets into the trust and naming a beneficiary that is someone other than a spouse.

Post-marital agreement – many parents are unsuccessful in negotiating a prenuptial agreement before the wedding, and find it easier for children to accept the drafting of a post-nuptial agreement later on to protect family assets.

If you’d like to learn more about Trusts, Pre- and Post-Marital Agreements and other aspects of estate planning, call our office today to schedule a time for us to sit down and talk. We normally charge $750 for a Family Wealth Planning Session, but because this planning is so important, we have made space for the next two people who mention this article to have a complete planning session at no charge. Call today and mention this article.

Share this on...Share on FacebookTweet about this on TwitterShare on LinkedInShare on Google+Email this to someone

Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.