Do I need a trust? In part three of our video series, estate planning and probate attorney Sarah Siedentopf talks about trusts and protecting assets during a divorce.
Hi, I’m attorney Sarah Siedentopf and I practice estate planning and probate in Atlanta, Georgia. Do I need a trust? Some people wonder about trusts in the context of divorce. If I put some assets in a trust, will that shelter them during the divorce? It really depends on whether the assets are marital property or not. If there is marital property in the trust, the trust is not going to protect you in any way. However, if we are before marriage and considering putting non-marital property into a trust, that can be a good way to keep it separate and protect it. Also, if there is property that is inherited, which would be non-marital property, as long as it is kept separate and not commingled that might also be best kept in a trust to keep things clear during a divorce. However, as a reminder, if you are already married, you cannot put marital property into a trust and expect to keep it away from your spouse in case of divorce. You can put it into a trust for other reasons and many people do, but not in order to keep it from your spouse. If you’ve got more questions for me about divorce and trusts, I’d love to talk to you. Thanks.
Do I Need a Trust series – Quick Links:
- Do I Need a Trust (part 1) – Trusts and Privacy
- Do I Need a Trust (part 2) – Trusts and Avoiding Probate
- Do I Need a Trust (part 3) – Trusts and Protecting Assets During a Divorce
- Do I Need a Trust (part 4) – Managing Assets through Trusts
- Do I Need a Trust (part 5) – Trusts for Beneficiaries with Special Needs
- Do I Need a Trust (part 6) – Creditor Protection for Your Beneficiaries