Protection – it's one word that has saved many relationships from getting serious. But for those who are trying to break away from a relationship – namely, getting a divorce – protection could again be the name of the game. What better way to ensure this than by filing the document with the perfect nickname, a "trust."
Trusts have been around for a while, and for the uninitiated, the very simple explanation of one is that it's a document that creates an entity to hold your property, and spells out how you want said property divvied out to your beneficiaries (or, you). People have been using trusts for years to escape tax liabilities, but can you use it to escape the treacherous hands of a divorce? The answer is yes…if you use it carefully and enter the property before your marriage date.
The goal is to enter into trusts whatever you don't want in your name specifically, but still want to maintain control of it. For example, if you don't want your business to be included in a possible divorce settlement later on, create a Domestic or Foreign Asset Protection Trust. This allows you to transfer ownership of the business to your trust, and thus out of your hands (in the legal sense). In a more common type of trust, the assets also don't belong to a beneficiary just because they're listed as someone benefitting from said assets. That works for couples who never see the divorce coming.
Of course, all trusts aren't built the same. You need to speak to a trust attorney before finalizing any transfer that stops you from being the owner of your company or assets. Also, some states have different rules that could affect how your trusts are seen in the eyes of a divorce court. Even so, trusts may be your best friend when your marriage is coming to a close.