This page answers some of the most common questions we receive as experienced family law attorneys. Whether you’re navigating a divorce, child custody dispute, or other family law matters, we’re here to provide helpful information and guidance.
It’s important to note that the information provided on this page is meant to serve as a general resource and is not a substitute for professional legal advice. Family law matters can be complex and deeply personal, so we encourage you to seek advice from a qualified family law attorney to address your unique situation. Timely legal counsel is essential, as deadlines and court procedures may significantly impact your case.
Marital property includes assets acquired during the marriage, while separate property refers to assets owned before marriage or received as gifts or inheritance. Proper documentation is crucial to prove separate property claims.
An IRT may offer some protection for assets, but courts can still consider trust income or benefits when determining alimony. Discussing this with a family law attorney is essential for proper planning.
Courts generally divide debts equitably, not necessarily equally. This includes evaluating who benefited from the debt and the financial circumstances of each spouse.
If a business was started or significantly grew during the marriage, it might be considered marital property. An accurate business valuation and proper legal strategy can help protect your interests.
To protect inheritances, keep them in separate accounts and avoid commingling them with marital assets. If used for joint expenses or investments, they could lose their separate property status.
Yes, pre-marital assets placed in an IRT can generally be protected from creditors, but this depends on the specific terms of the trust and applicable state laws. Consulting an experienced attorney is crucial for proper structuring.
In most cases, you cannot take a home equity loan on a property in an IRT because you no longer own the property—the trust does. However, certain exceptions may exist depending on the trust terms.
Yes, the increased value of a PM house held in an IRT is typically protected from creditors or claims, as the house and its appreciation belong to the trust.
Gifts made before a pre-nup or post-nup can be scrutinized if they are seen as an attempt to defraud a spouse or circumvent marital asset distribution. Transparency and timing are key to avoiding such issues.
Equitable distribution considers each spouse’s financial situation and contribution to the marriage. While it might seem unfavorable if your spouse has less financial independence, proper legal advice can help protect your interests.
You can protect retirement accounts through a well-drafted pre-nup or post-nup agreement. Additionally, keeping these accounts separate and avoiding commingling funds is critical.
You can structure your retirement accounts to ensure they serve your long-term needs by working with a financial advisor and estate planning attorney to create beneficiary designations and trusts as needed.
Gifting a house may trigger gift taxes or affect the child’s basis for capital gains taxes. Proper planning, such as utilizing the annual gift tax exclusion and consulting with a tax advisor, is recommended.
Yes, transferring assets well before marriage can help demonstrate that the transfer was not intended to defraud a spouse. Timing and documentation are critical to avoid disputes.
Courts may investigate transactions as far back as necessary if there is suspicion of fraud or intentional attempts to shield assets. Clear records and legitimate purposes for transfers are essential.
Children’s 401(k) accounts are typically separate assets. To avoid commingling, ensure that funds used for joint expenses do not mix with personal assets and maintain clear financial boundaries.
To avoid commingling, consider separating joint accounts and using a clear system to handle expenses. This ensures individual contributions and ownership are transparent.
Each option has pros and cons. IRTs often offer the most protection for PM assets. Quitclaim deeds, gifts, and sales have specific tax and legal implications that should be evaluated with professional advice.
Yes, pre-nups can include specific language to protect PM assets while meeting family concerns. Open discussions with your future spouse and legal counsel are key to drafting an enforceable agreement.
If no estate plan is in place, PM assets could be subject to probate or claims by a surviving spouse. An IRT or clear estate planning can protect these assets for your children.
