Q: Is moving my assets into a trust prior to marriage protect my assets in the event of a divorce?Do I still need a prenup?
Is a prenup required if my assets are moved to a trust in the event of a divorce? Ideally I'd like to keep assets separate but anything acquired to during marriage would be joint.
A: Creating a trust before marriage in California can offer a measure of asset protection by potentially categorizing those assets as separate property in the event of a divorce. However, the need for a prenuptial agreement (prenup) depends on your specific circumstances and objectives. While a trust can provide targeted protection for particular assets, a prenup can establish a more comprehensive framework for addressing various financial aspects and potential outcomes in the event of divorce. Combining both a trust and a prenup can provide a thorough approach to asset separation and financial planning.
A: While moving assets into a trust before marriage may help protect those assets from being considered community property in the event of a divorce, it's important to note that California's community property laws could still impact property acquired during the marriage. A prenuptial agreement can provide additional clarity and protection for both parties' interests, especially when it comes to property acquired during the marriage. Consulting with an attorney to discuss your specific situation is recommended.
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