Are trusts protected from divorce?
The short answer is the assets of a standard form of trust are almost always available on divorce (the reasons are set out below). However, with special advice and the use of particular forms of trust, assets can be protected from divorce.
What happens to a trust when you divorce?
Unlike a partnership, which invariably becomes unworkable with estranged spouses, the trust structure may remain viable despite a family breakdown, and distributions to the exiting spouse may still be possible. On divorce, that relationship is severed and the exiting spouse is no longer a beneficiary of the trust.
What happens to irrevocable trust in divorce?
When you place assets in an irrevocable trust even during your marriage you give up ownership of them. If you no longer own them, they’re typically not divisible in a divorce because they’re no longer part of your marital estate. This is particularly true if your spouse was aware of the transactions.
How are assets divided in divorce in Indiana?
The court will generally divide the marital property in half, and each spouse will get one half of the total property. This doesn’t mean each item will be split in half; one spouse might get the car and the other spouse might get the furniture.
How much Social Security does a divorced spouse get?