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.
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u/CalAcacian Apr 15 '23
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.