Trusts

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Trusts

Trusts

Married couples of high net worth often establish a family trust to handle the distribution of assets to beneficiaries and charities. In the event of divorce, the trust must be characterized as separate property or marital property, subject to the distribution of assets or control of the trust fund. In the event the trust is characterized as separate property of one spouse, the other spouse may receive an equitable share of the appreciated value over the course of the marriage. Many wealthy individuals enter into a second marriage with a family trust already in place. A prenuptial agreement is often used to protect the original value of the trust assets. The prenuptial or post-nuptial agreement will be subject to litigation if the other spouse can show that the assets appreciated in value because of marital contributions or were commingled with marital assets.

Dividing Trust Accounts

If a family trust will be part of your marital property settlement in your pending divorce, make sure your attorney understands the laws relating to high net-worth property distribution in Missouri, Illinois, Kansas, and Oklahoma. Since 2007, Stange Law Firm, PC, has been providing experienced, intelligent representation for people of high net worth going through a divorce.There are many complex financial issues relating to family trusts in divorce, including:

Transmutation of assets and characterization as separate or marital property
Tax issues relating to the trust fund
Inheritances
Appreciation of value over the duration of the marriage
Litigation of prenuptial agreements affecting the characterization of the trust fund

You can also read an article written by Kirk C. Stange for more information on this topic titled: An Overview: Trust Division and Divorce or Domestic Asset Protection Trusts versus Prenuptial Agreements: What is the best option?

Contact Our Experienced Missouri, Illinois, Kansas, Nebraska and Oklahoma Trust Divorce Attorneys

Contact our property division lawyers online or by phone to schedule a confidential consultation at one of our convenient locations. We have locations in St. Louis, Kansas City, Columbia, Springfield, Wichita, Tulsa, Chicago, Lincoln, and beyond.

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Helpful Information Regarding Property and Debt Division From our Webpage

We also have pages on numerous other topics related to property and debt division from our webpage, including the pages below and on our menu:

High Asset Divorce

If you are considering divorce and have a high net worth, it's important that you have legal counsel in your corner. It is also vital that you have an attorney that is diligent on your behalf.

Divorce Financial Planning

If you will be going through a divorce, conducting divorce financial planning can be critical to ensuring that you can move on with your life on sound financial footing.

Commingling Assets

In many divorce, parties own some assets prior to marriage and then buy additional assets after marriage. Often, these assets can end up being mixed together (or commingled). If this has happened in your case, it is important to work a diligent lawyer.

Transmutation

In some cases, a party might own certain property or assets prior to marriage. After marriage, the assets might become re-titled in joint names, which can result in the assets being transmuted into marital property. Our lawyers can help you if this is what has happened in your case.

Complex Property Distribution

In many high asset divorces, property distribution can be complex and complicated. Our attorneys can help you with difficult property distribution.

The Marital Home

The martial home can often be one of the most prized marital assets in a divorce. The marital residence can also be important as it relates to stability for children in divorce. Our lawyers can assist if this is the case for you.

Real Estate Appraisers

When residential or commercial property is owned in a divorce, ensuring that this property is properly valuated by a real estate appraisal can be critical in many cases. Our lawyer can help ensure you are refered to a competent real estate appraisal.

Trusts

Many parties have either created trusts for their family, or stand to inherit funds through a trust outside of the probate court. In many cases, this can be an important issue in a divorce in which our lawyers can help.

Inheritance

In many divorces, parties have either inherited, or stand to inherit, sums of money from their parents or other relatives. This can be a contentious issue in some cases in which our lawyers can help.

Investment Accounts

In many marriages, parties can have investments accounts where they are saving money in the hopes that they can have a better life, save for their retirement and have assets in which to provide their children and grandchildren. When a divorce takes place, it's vital that these assets be appropriately accounted for in the property division phase of a divorce.

Stocks and Bonds

Many married couples also have significant sums in stocks and bonds. It's vital to work with an attorney to have an accounting of what is out there and to ensure it is properly addressed in family court.

Life Insurance

Term life and whole life insurance policies are commonly held by parties in a marriage. When parties divorce, these life insurance policies can become critically important in terms of the possession of the policies, the beneficiaries that remain on them and who is to make the payments and/or have possession of the cash value in instance of whole life insurance.

Appreciation of Separate Property

In some dissolution of marriages, parties owned and possessed separate property prior to marriage. During the marriage, these assets can often increase in value due, in part, to the contribution of the other spouse. Our lawyers can help individuals in these instances.

Marital Debt

In many cases, debt can be a real problem as it relates to property distribution, albeit through support or marital debt. If that is the case in your divorce, our lawyers can assist.

Jumbo Mortgages

Jumbo mortgages can be an issue in some divorces. If this is the case for you, you can talk to our lawyers.

Property Issues for Unmarried Couples

For many unmarried couples, they can accumulate property and debt. When they separate, the property and debt they own together can become a contentious issue. Our lawyers can often help if this is the case through a partition action.

Quit Claim Deed

Some people wonder how to transfer title out of joint names after a divorce. Our lawyers can help explain how a Quit Claim Deed works.

Refinance

Many are not sure as well how to get a mortgage out of the names of both spouses after divorce. Find out more about refinance and divorce.

Gift Affidavits

Parties oftentimes have to transfer title to their vehicles as part of a divorce. Find out more about how gift affidavits work.

Commissioner to Sell Real Estate

Some divorcing parties are unable to work together to sell their real estate as part of the divorce. You might be interested in knowing more about the possibility of a Commissioner being appointed.

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From our webpage, you can also read articles about family law, view informational videos, seminar videos, listen to our podcast, download our mobile application or view support calculators for Missouri, Illinois and Kansas.

If you are looking to find and hire a child custody lawyer, contact us online or by phone to schedule a consultation at any of our convenient locations.

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Strategies For Family Law Illinois

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Strategies For Military Family Law

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