Are there alternatives to a prenup?

On Behalf of | Jan 25, 2021 | Divorce |

If the thought of signing a prenuptial agreement puts fear in your heart because you must disclose all your assets, then you may want to think twice about getting married. Alternatively, you may want to sign an irrevocable trust agreement. This agreement allows you to name who you want to as the beneficiary, and your soon-to-be spouse does not have to know your assets. If you later need money from your assets, you can name yourself as one of the beneficiaries. California residents will need to work with a skilled lawyer to set up such an agreement in states where they are legal.

What are the advantages of setting up a trust before marriage?

If you are worried that your significant other may take lots of your assets when you decide to get a divorce, then an irrevocable trust might be a great solution. The trust may also be able to protect your assets if someone sues your spouse. If you decide to get a divorce, the trust assets are not considered yours when the judge figures the amount you need to pay in alimony. Furthermore, trusts remove assets from your name, so no one can come after those assets if that person decides to file a lawsuit against you. While laws vary by state, you may also be able to count those assets if you need to take out a loan. Talking to an attorney may help you discover if this is the right solution for you.

What are the advantages of a prenuptial agreement?

There are advantages to a prenuptial agreement that you cannot get with a trust. You can often protect intellectual property and business ventures in ways that are not possible with a trust. In order to take full advantage of these versions, consider taking steps fr your divorce before getting married.

If you are thinking about getting married, you may want to talk to an attorney if you have assets that you want to protect. He or she can often help you find creative solutions before your wedding.