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Protecting family wealth during a divorce

Although marriage is generally thought to be about love, there are cases where a Virginia family may want to protect the family assets when their child is looking to get married. For example, a trust that was set up by parents for their child could end up being split up in the divorce if the funds are not properly protected.

There are very few assets or items that can be considered separate property. For example, houses, inheritances and gifts often only belong to one person and would be kept by that person if they get divorced. However, a piece of property or certain assets can become marital property. If a person uses trust funds to pay for a family home or the funds are otherwise commingled, the other spouse could potentially have claims to at least a portion of those funds.

To prevent this, families should take measures to protect these assets. When it comes to trusts, they should ensure that the terms are ironclad when it comes to how the funds can be used. If the provisions specifically state that the funds should not be used for alimony payments and are not to be considered marital property, it is likely that they will be honored by the judge.

Filing for divorce can be a major step to take, especially if the former couple has considerable assets that must be divided. If the other person is seeking access to property that a person brought into the marriage and maintained as separate throughout the course of the marriage, a family law attorney may help. The attorney may provide evidence that shows that the assets or property in question were indeed obtained by the person before marriage and were never intended to be considered marital property.

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