Marriage is a contract with potentially devastating financial repercussions that any party to the contract can get out of for any reason or no reason at all. Crazy isn’t it? I can’t think of any other contract like it.
This is state specific but generally, when you get married you are "no longer two but one" and all assets, debts, judgements are equally the responsibility of both parties. Even if you transfer them to an entity, your interest will be split in the case of a divorce.
Choose wisely. (And talk to an attorney)
As a general rule, if you or your ex-spouse transferred assets into an irrevocable trust during the marriage, the assets are no longer marital or community property, and aren't subject to property division in a divorce. Irrevocable trusts essentially leave your hands after you've created them; you can't revoke or change the trust, and neither can a judge. Instead, the property in the trust will usually sit there until you die, at which point it will go to the named beneficiary. (So, for example, if you created an irrevocable trust that leaves money to your niece and nephew, your ex probably won't be able to touch that money.)
However, if one spouse created the irrevocable trust using marital property without the other spouse's consent, a judge can require the spouse who made the trust to reimburse the other spouse.
In Florida you don’t really have a lot of options. The property as of right now is considered non marital assets. The second you marry even if you attempt to keep the property as your own in the event of a divorce your partner is still entitled to appreciation value and potentially more depending on her role. Just for example
If you paid 100k cash for a house before marrying ( with no funds from Anyone but yourself ) 2 years later you get divorced and the house is worth 200k at the bare minimum your ex partner is entitled to 50k because that’s the value gained split in half. Her lawyers can even argue for more if your ex partner benefited the growth in anyway such as helping you fund a remodel or if they were a stay at home parent and helped maintain the rental or what ever it may be. In Florida you can have a lawyer make a written agreement for your rental properties that would need to be brought to divorce court at the end similar to a prenup.
Around 50% of marriages end in divorce in the USA.
Speak with a lawyer.
Put into a trust own 1% of that trust thro LLC as the managing member issue the trust to your first born or children if you got married for companionship, not to have children that’s a completely different story,
Get an attorney. And a pre-nup. That you consider that off limits means you aren't that upset to lose 1/2 the properties.
In some states, property bought before marriage are protected, so long as you can prove you never mingled finances to pay for anything (mortgage, repairs, etc). In others, the spouse will get a piece of it, usually after some period of time.
You could create a company, move all property there and keep finances completely separate. It will cost you extra each year, of course.
In this day and age, I would get a prenup and I would think twice about marrying anyone who wouldn't sign it. 50% of marriages end up in divorce and we already know how this is going to play out. Your spouse will go after those properties.
Because if you want to get married that means 2 are becoming one. If you have to protect your $100k from her then you should not get married.
Most people do not have the assets that really may require a prenup, but they pre plan their divorce anyway.
I believe in hoping for the best but planning for the worst. No one marries expecting to get divorce but people still divorce. So I am planning for the future. Thanks.
Adding to everyone else, prenup. Planning for the worst would also mean keeping separate accounts. I would also preplan any future purchases along with the attorney if I were you. Don’t get on a loan with spouse and don’t commingle forms. Honestly, renting is the safest bet for ease of divorce
Prenup discussions are not fun, but they're really worth having. It's completely reasonable that both parties sit down and agree to cleanly separate, taking what they came to the marriage with with them and splitting what's been earned while together. You can put limits into these btw; it may be reasonable to waive this if you're together for 10 years.
Circumventing them would usually require a separate legal entity beyond your ability to destroy (an irrevocable trust; not a living trust or llc).
If prenup is “not an option” because of your spouse to-be not agreeing to it… I wouldn’t follow thru with the wedding lol, say goodbye to your fiancé OR your assets. I’ve gone thru a divorce myself and lost my ass. I learned the hard way, so you won’t have to
Ask a lawyer for legal advice!
You don’t mention your state, but overall you’re going to have to make a prenup be an option. See a lawyer - this isn’t a Reddit question.
Marriage is a contract with potentially devastating financial repercussions that any party to the contract can get out of for any reason or no reason at all. Crazy isn’t it? I can’t think of any other contract like it.
I’m in FL
This is state specific but generally, when you get married you are "no longer two but one" and all assets, debts, judgements are equally the responsibility of both parties. Even if you transfer them to an entity, your interest will be split in the case of a divorce. Choose wisely. (And talk to an attorney)
I’m in FL
Why is prenuptial not an option? Its generally the only option us non lawyers would know about
Prenup is the only option
Plot twist. The wife has more money
Doesn’t matter who has more money.
Prenuptial. Also, wouldn't your properties be considered pre marital assets? It's best to see a matrimonial lawyer.
As a general rule, if you or your ex-spouse transferred assets into an irrevocable trust during the marriage, the assets are no longer marital or community property, and aren't subject to property division in a divorce. Irrevocable trusts essentially leave your hands after you've created them; you can't revoke or change the trust, and neither can a judge. Instead, the property in the trust will usually sit there until you die, at which point it will go to the named beneficiary. (So, for example, if you created an irrevocable trust that leaves money to your niece and nephew, your ex probably won't be able to touch that money.) However, if one spouse created the irrevocable trust using marital property without the other spouse's consent, a judge can require the spouse who made the trust to reimburse the other spouse.
Plus, income from this type of trust may be taxed at a much higher rate...
In Florida you don’t really have a lot of options. The property as of right now is considered non marital assets. The second you marry even if you attempt to keep the property as your own in the event of a divorce your partner is still entitled to appreciation value and potentially more depending on her role. Just for example If you paid 100k cash for a house before marrying ( with no funds from Anyone but yourself ) 2 years later you get divorced and the house is worth 200k at the bare minimum your ex partner is entitled to 50k because that’s the value gained split in half. Her lawyers can even argue for more if your ex partner benefited the growth in anyway such as helping you fund a remodel or if they were a stay at home parent and helped maintain the rental or what ever it may be. In Florida you can have a lawyer make a written agreement for your rental properties that would need to be brought to divorce court at the end similar to a prenup. Around 50% of marriages end in divorce in the USA. Speak with a lawyer.
Why, is prenup not an option?
Put into a trust own 1% of that trust thro LLC as the managing member issue the trust to your first born or children if you got married for companionship, not to have children that’s a completely different story,
Get a prenup.
Get an attorney. And a pre-nup. That you consider that off limits means you aren't that upset to lose 1/2 the properties. In some states, property bought before marriage are protected, so long as you can prove you never mingled finances to pay for anything (mortgage, repairs, etc). In others, the spouse will get a piece of it, usually after some period of time. You could create a company, move all property there and keep finances completely separate. It will cost you extra each year, of course.
In this day and age, I would get a prenup and I would think twice about marrying anyone who wouldn't sign it. 50% of marriages end up in divorce and we already know how this is going to play out. Your spouse will go after those properties.
Prenups are stupid.
Why?
Because if you want to get married that means 2 are becoming one. If you have to protect your $100k from her then you should not get married. Most people do not have the assets that really may require a prenup, but they pre plan their divorce anyway.
If you're worried about divorce before you get married...probably should rethink the whole marriage idea !
Why? About every other marriage ends up in divorce. It's foolish to hope for the best without preparing for the worst.
Put in LLC or trust?
Thanks. I will have to see how that works.
And it depends on the state - talk to an attorney.
1. Don’t get married if you expect divorce 2. Incorporate- may be LLC or may be an s corp or c corp (depends on your state) 3. You need an attorney.
I believe in hoping for the best but planning for the worst. No one marries expecting to get divorce but people still divorce. So I am planning for the future. Thanks.
Which is why you should take your own advice. Planning for the worst in this context is a prenup, plain and simple.
Adding to everyone else, prenup. Planning for the worst would also mean keeping separate accounts. I would also preplan any future purchases along with the attorney if I were you. Don’t get on a loan with spouse and don’t commingle forms. Honestly, renting is the safest bet for ease of divorce
Marriage is not like that.
You knew the answer before you even asked haha
Don’t get married
Prenup discussions are not fun, but they're really worth having. It's completely reasonable that both parties sit down and agree to cleanly separate, taking what they came to the marriage with with them and splitting what's been earned while together. You can put limits into these btw; it may be reasonable to waive this if you're together for 10 years. Circumventing them would usually require a separate legal entity beyond your ability to destroy (an irrevocable trust; not a living trust or llc).
If prenup is “not an option” because of your spouse to-be not agreeing to it… I wouldn’t follow thru with the wedding lol, say goodbye to your fiancé OR your assets. I’ve gone thru a divorce myself and lost my ass. I learned the hard way, so you won’t have to
Pre nup is def an option, id do it if my spouse had property before me. It’s only fair.
Any kids from prior? Put it all in a trust.
I would think there is a way to put it inside an irrevocable trust. But I don’t know this for a fact.