Q: I am marrying on 7/7. If I put assets I want to protect in a revocable living trust before I marry, will this suffice?
We were gonna do a prenup but we did not realize it was so complicated. All I need to do is protect some assets(i.e. inheritance, brokerage accounts, etc.) from my future wife's creditors, lawyers, or a judge in the unlikely event of a divorce. We have cohabited for 12 years and all our finances are already separate and have been the whole time. I just want to protect large assets. Will this work? A revocable trust? Because another attorney said that should be ok in Tennessee. We have a common law property law.
A: Assets in your name acquired before marriage are not marital property by statute. Those items cannot be garnished just by way of marriage; a judgment of any type would need to be against you for a creditor to garnish/levy the asset. If you have significant pre-marital assets, you would be wise to consult with local counsel (alone) to discuss your goals and to determine whether you need a trust, and to help you craft a prenup.
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