Any divorce has the potential to be fraught with complicated issues and challenging emotions. However, spouses with family businesses, farms, ranches, and similar entities often face even more difficult conundrums, given that these are certainly not liquid assets and in many cases, owners may be reluctant to sell to split the profits. Itâs advisable to turn to a family lawyer serving Wichita for expert legal guidance regarding asset protection. If you work with a family lawyer prior to becoming married, you may be able to ensure that some of your assets will not be subject to division in a future divorce.
One of the ways your family lawyer might protect your assets is by establishing a domestic asset protection trust. This type of trust is commonly used in estate planning; however, it also protects against asset transfer to creditorsâincluding a future spouse. This entity is also a âself-settledâ trust, which means you can name yourself as the beneficiary. In the event of a future divorce, the assets within that trust are protected against division. However, laws regarding these trusts vary from state to state. You can consult an estate lawyer near you for personalized legal advice.