Can a revocable trust protect assets in a divorce?
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Can a revocable trust protect assets in a divorce?
The key is that the asset is not legally your property so in the event of a creditor claim (a divorcing spouse being a creditor in the case of a divorce), the asset is protected from that lawsuit. In the event of a divorce you would have the trust to rely on because, it is not your asset, it is owned by a trust.
What happens to revocable trust in divorce?
Classification of Assets in a Grantor’s Divorce A revocable trust allows the grantor to revoke the trust and recover the assets at any time, and the assets held within it can be divided by the court during a divorce.
Are bonuses included in spousal support?
Generally, the court will consider any regularly occurring bonuses as income, subject to the child support guidelines just as wage earnings are. Similarly, for spousal support or property division purposes, regularly occurring bonuses, especially when they are substantial, may be included in the calculation.
