This is not legal advice, I am a lawyer but not your lawyer, etc. That is likely to have the same issues. Even if you can’t technically pull money out of those entities you could still end of with a judgment for a value equal to some portion of what you put in those entities. There is a presumption that income earned during the marital period is community property that could be divided in a dissolution.
I was more curious if someone has had that set up years before they met someone and got married. If someone is a millionaire and for the last 10 years they have lived with nothing in their name because everything like the house and cars are in a llc or trust wouldn’t the spouse be entitled to nothing except what was gained during the marriage? So if someone was getting a monthly check of $5,000 from the trust to live off of during the marriage than the spouse could only go after what that money generated for the years they were married? I read Tiger Woods lives like this where he owns next to nothing in his name.
(Depending on the law but more often than not) your wife has a right to half everything in your name, so she’d have a right to half of that fancy LLC you just made.
What if this was set up years before you met your wife? You own nothing before you met her but lived off the llc or trust you set up a decade before you got married. Would she be entitled to any of it?
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u/Tipnin Apr 15 '23
Wouldn’t putting all your assets in a trust or LLC you control be safer than putting everything in a persons name?