ALEXANDRIA, Louisiana. If you are getting divorced in
Alexandria, Louisiana, you’ll need to consider how you and your former partner
will divide assets, property, and debts. One thing to consider is how your
divorce could potentially impact your trusts, or how a trust could play a role
in your divorce. If you or your partner have trusts and are planning to get
divorced, you may need a divorce lawyer in Alexandria, Louisiana. The Jones
Law Firm understands the unique challenges divorcing couples face and can
help you protect your assets and rights during this emotionally charged time.
Whether you have a trust, a retirement plan, or other savings plan, you’ll need
to consider how your divorce will impact these assets.
For instance, any trust established before you are married
will be considered your sole property, not community property that must be
divided. According to Forbes, some individuals, before
they are married, in order to protect their assets, will place their money in a
trust, for this purpose.
Another consideration is the ownership of a business. Some
individuals choose to place the ownership of their business into a trust to
ensure that the company isn’t subject to community property laws when assets,
debts, and property is divided during a divorce. Community property refers to
the property or assets gained during the marriage. While a business may have
been owned by one partner before the marriage, the other partner may be able to
show in court that he or she gained an interest in it over the years. Some
individuals therefore take measures to protect their business.
Another way in which trusts could affect divorce is that
they may not play a role in how alimony is calculated. Income from a trust can
be used to calculate alimony awards, but claims for alimony cannot be made
against a trust. Essentially, this comes down to what a trust is as a legal
entity and how a trust works. A trustee cannot always “tap” their trust as a
source of income, meaning that the amount of the trust cannot always be used as
an argument to suggest payment of alimony. However, if a trust brings in
regular income, the courts may consider this when determining a person’s
alimony award.
According to the Huffington Post, in many ways,
trusts established before a marriage can be more effective than a prenuptial
agreement. Depending on which state you establish the trust, you could protect
your money from both creditors and your spouse in the event of a divorce. Of
course, the time when the trust is made matters.
If you are facing divorce and have substantial assets or
property, it is important to seek the advice of a qualified divorce attorney in
Alexandria, Louisiana. Whether you need advice about how to handle your assets
during a divorce, or have questions about how to protect your rights to
community property during a divorce, the Jones
Law Firm are divorce attorneys who can help you. For more information about Jones Law Firm, visit our website http://www.hdjoneslaw.com.
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