FINANCIAL ISSUES - MARITAL PROPERTY V. SEPARATE PROPERTY
My wife and I are going to file for divorce, and Iím worried it will turn into a long legal battle. IF I open an irrevocable trust fund in the name of my children prior to the filing, and I do that with 50% of all of the cash we have now, could the court (in NY) then say that the money put into the trust was my half, and then my spouse would get all of the remaining cash? Or would the remaining cash be split in half between us?
ANSWER:Back to content
Yes, you run the risk that the Court will see the transfer as a way to avoid giving your wife her equitable share (which may not be half). It would be best to reach an agreement w/ your wife about how much to give to the children.
If you are living in the NYC metro area, please call me to arrange for a meeting to discuss this matter in greater length.
Leonard M. Weiner, Esq.