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How to protect assets from divorce?

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  • Kamban
    replied


    Posting spam for some random law office in Beirut? Seems legit
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    But, but , but ... she is not from Beirut, she is from the great nation of France, Monsieur  

    Leave a comment:


  • Hank
    replied
    Resurrecting a thread from last year? Check.
    Ungrammatical English? Check.

    Posting spam for some random law office in Beirut? Seems legit. ?

    Leave a comment:


  • JeffreyBrown
    replied
    This is a common scene in may divorce cases. Something similar happened with my friend.

    Leave a comment:


  • Craigy
    replied










    Here’s the article I promised earlier (“How to Hide $400 Million”): http://www.nytimes.com/2016/11/30/magazine/how-to-hide-400-million.html?_r=0

    In thinking about this issue, when I was younger in my career and less settled on life’s journey, this was something that I thought about with some regularity. Now that I have some degree of financial security, I could say without hesitation that if my marriage ended tomorrow, I could shave off 60% of my net worth and give my wife and kids the house and still retire the following day and have an enviable lifestyle. So looking at this as the worst case scenario, it is not something that I spend much time worrying about, and the need for asset protection from a spouse might be a litmus test to true financial independence.
    Click to expand…


    Amazing how much less I could live on just by myself. But what I would expect is to not only give half my assets, but also be paying big alimony and child support payments. That would be a lot tougher.
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    Purely hypothetical– my children are teens, both in high school, close to launching with adequate college funding, and my wife has a career of her own, recently earning compensation comparable to my own. Perhaps I am naive, but I am pretty sure that I cannot be forced to work, and I may even be able to swing some alimony payments my way. ?
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    In some states you can be forced to make child support and/or alimony payments based on your potential income if you are voluntarily unemployed or underemployed.   :P

     

     

    Leave a comment:


  • The White Coat Investor
    replied
    I don't think you can be forced to work, but you can be forced to make alimony payments. You would just have to do it from your half of the pile.

    Obviously every divorce agreement is different. If there are no kids in the house and you both have comparable incomes, I would hope that the nest egg would just be split down the middle and both go your separate ways.

    Leave a comment:


  • VagabondMD
    replied







    Here’s the article I promised earlier (“How to Hide $400 Million”): http://www.nytimes.com/2016/11/30/magazine/how-to-hide-400-million.html?_r=0

    In thinking about this issue, when I was younger in my career and less settled on life’s journey, this was something that I thought about with some regularity. Now that I have some degree of financial security, I could say without hesitation that if my marriage ended tomorrow, I could shave off 60% of my net worth and give my wife and kids the house and still retire the following day and have an enviable lifestyle. So looking at this as the worst case scenario, it is not something that I spend much time worrying about, and the need for asset protection from a spouse might be a litmus test to true financial independence.
    Click to expand…


    Amazing how much less I could live on just by myself. But what I would expect is to not only give half my assets, but also be paying big alimony and child support payments. That would be a lot tougher.
    Click to expand...


    Purely hypothetical-- my children are teens, both in high school, close to launching with adequate college funding, and my wife has a career of her own, recently earning compensation comparable to my own. Perhaps I am naive, but I am pretty sure that I cannot be forced to work, and I may even be able to swing some alimony payments my way.

    Leave a comment:


  • The White Coat Investor
    replied




    Here’s the article I promised earlier (“How to Hide $400 Million”): http://www.nytimes.com/2016/11/30/magazine/how-to-hide-400-million.html?_r=0

    In thinking about this issue, when I was younger in my career and less settled on life’s journey, this was something that I thought about with some regularity. Now that I have some degree of financial security, I could say without hesitation that if my marriage ended tomorrow, I could shave off 60% of my net worth and give my wife and kids the house and still retire the following day and have an enviable lifestyle. So looking at this as the worst case scenario, it is not something that I spend much time worrying about, and the need for asset protection from a spouse might be a litmus test to true financial independence.
    Click to expand...


    Amazing how much less I could live on just by myself. But what I would expect is to not only give half my assets, but also be paying big alimony and child support payments. That would be a lot tougher.

    Leave a comment:


  • VagabondMD
    replied
    Here's the article I promised earlier ("How to Hide $400 Million"): http://www.nytimes.com/2016/11/30/magazine/how-to-hide-400-million.html?_r=0

    In thinking about this issue, when I was younger in my career and less settled on life's journey, this was something that I thought about with some regularity. Now that I have some degree of financial security, I could say without hesitation that if my marriage ended tomorrow, I could shave off 60% of my net worth and give my wife and kids the house and still retire the following day and have an enviable lifestyle. So looking at this as the worst case scenario, it is not something that I spend much time worrying about, and the need for asset protection from a spouse might be a litmus test to true financial independence.

    Leave a comment:


  • G
    replied




    In some states only MARRIED couples can partition their marital property that’s why your pre-nup should state that both parties agree to execute a post-nup shortly after the legal marriage takes place. If a party that agreed in a pre-nup to sign a post-nup fails to sign the post-nup that would be grounds to annull the marriage based on fraud.

    I would recommend that any contemplating marriage watch the documentary: Divorce Corp., its on YouTube. Divorce is a 50 BILLION dollar a year industry (yes that’s not a typo). In the family courts you’ll only get as much justice as you can afford. If you are planning on getting married I would still recommend getting a pre-nup/post-nup but be VERY clear that it no way guarantees that your pre-nup/post nup will be upheld. Best wishes.

     
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    Watching Divorce Corp is a truly chilling way to spend some time.  It is guaranteed to get you riled up about injustice!

    Leave a comment:


  • darnabeel
    replied
    In some states only MARRIED couples can partition their marital property that's why your pre-nup should state that both parties agree to execute a post-nup shortly after the legal marriage takes place. If a party that agreed in a pre-nup to sign a post-nup fails to sign the post-nup that would be grounds to annull the marriage based on fraud.

    I would recommend that any contemplating marriage watch the documentary: Divorce Corp., its on YouTube. Divorce is a 50 BILLION dollar a year industry (yes that's not a typo). In the family courts you'll only get as much justice as you can afford. If you are planning on getting married I would still recommend getting a pre-nup/post-nup but be VERY clear that it no way guarantees that your pre-nup/post nup will be upheld. Best wishes.

     

    Leave a comment:


  • conniebird
    replied
    Prenup is divorce insurance. As Jim recommends, you need to insure against financial catastrophes, of which divorce is definitely one of them. Prenups will vary by state as well as divorce laws. Know the divorce laws in your state (community vs equitable). We will definitely be getting one, and my fiancé is totally on board. We have discussed the basic terms, but basically, our retirement accounts will stay ours and will not be split up, anything In a taxable account we will split up, and we will limit alimony to 6 months.

    This was a very matter of fact conversation for us and emotion did not come into play. The reality is that people get very emotional about this topic

    It is really stupid/naive to think it can't happen to you, as statistics show otherwise. We all have disability insurance and Life insurance , we are much more likely to get to divorced.

    Leave a comment:


  • G
    replied
    I'm keeping an eye on this thread to see what folks recommend.

    Are you looking to protect from divorce before you get married, or after?  Wouldn't these take different approaches?  You could always squirrel it away in gold and silver (I just read a biography about Levere Redfield--he stashed silver dollars all over his house).  I understand from acquaintances that Switzerland is definitely not an option any more and the Caribbean options are a little shady.

    My understanding is that ultimately there is no asset protection...half of your stuff is gone.  None of my friends has had a "good" prenup, however.  Good luck!

    Leave a comment:


  • Noah
    replied
    Seems like a simple prenup that both parties agree on would be a good idea. We all have prenups, the question is do you want it to be dictated by the state where you are married or have it be based on an open discussion between both partners about what seems right. Not all prenups hold up, but most well constructed ones signed without duress and having lawyers representing both parties do. Seems silly to arrange an expensive and elaborate scheme when you can just talk to your partner. If you can't do that then I think bigger issues are at play.

    Leave a comment:


  • DarrVao777
    replied







    I also recommend a prenup and postnup. The future spouse must have their own legal counsel to help them review the pre and postnup.
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    LOL, what the ************************ is the point of getting married if you are going to ask for a prenup and postnup? Honestly, people like you should just never get married….Truly disgusting…These are the type of people who will never be happy—just keep bouncing from spouse to spouse rather than actually staying together for life….
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    You should consider a time out. In your 44 posts thus far, you've:

    1) asked if it is worth going 450K in debt for dentistry even though you have no desire to be a dentist

    2) asked if it is worth pursuing an MBA/career in finance even though you've listed job stability and lifestyle friendliness as important to you in thread #1

    3) went on a rambling post about how we should be pursuing happiness over money (on a finance forum no less)

    4) and now have started attacking other members over their recommendations.

    You know what would make me happy? An ignore function on this forum so I no longer have to see your posts.

    Leave a comment:


  • honeycomb86
    replied




    I also recommend a prenup and postnup. The future spouse must have their own legal counsel to help them review the pre and postnup.
    Click to expand...


    LOL, what is the point of getting married if you are going to ask for a prenup and postnup? May as well just stay single and never get married....

    Leave a comment:

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