The thought of getting married and losing significant assets in a divorce down the road might be enough to make you reconsider whether tying the knot is the right decision. This is the case for many older Arizona couples. You’ve spent your entire life building a business or acquiring real estate and don’t want to lose it all if the marriage doesn’t work out. Fortunately, there are some options that could help you keep your assets.
The most effective way to keep your property is by signing a prenup. However, if you don’t want your future spouse to know the amount of money they are signing away their rights to, a prenuptial agreement isn’t going to be enough. The problem is, in order for the agreement to be valid, you have to disclose all of the assets you want to keep separate. There may be a way to get married to the love of your life and still protect your assets.
An irrevocable trust alone won’t secure your assets in a property division settlement, but it could when it’s used in conjunction with a prenup. If you move your assets to an irrevocable trust, they no longer belong to you. You might consider this option if you intend to pass assets down to your child from a previous marriage or provide financial support for another loved one.
Assets cannot be removed from an irrevocable trust, but you could be named as a trustee and have control over the property or business in the trust. An attorney may help you set up the trust and draft a prenuptial agreement to protect your assets.