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Law Pro
Law Pro, Attorney
Category: Estate Law
Satisfied Customers: 24396
Experience:  20 years experience in estate and trust planning, probate, and wills
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will a living trust protect my assets in case of a divorce

Resolved Question:

will a living trust protect my assets in case of a divorce? My house was bought by me alone before the marriage but my HELOC loans and repayments are with a joint acct.
Submitted: 5 years ago.
Category: Estate Law
Expert:  Law Pro replied 5 years ago.
No, a living trust will not protect your assets in case of divorce. To the contrary, a divorce court judge does not care how assets are titled when dividing property in a divorce.
Customer: replied 5 years ago.
I thought titles were crucial in determining marital and non marital property in florida.   If not, what criteria does the divorce judge decide on?
Expert:  Law Pro replied 5 years ago.

What was owned during the marriage - regardless of how it was titled.

 

For example - you are 30 buy property at 31 individually , get married at 35, now at age 50 you want a a divorce - the wife has a marital interest in the property for the last 15 regardless if you ever put her name on the title.

Customer: replied 5 years ago.
to be specific,    I bought a house in my name only for $200,000 in cash (no mortage), got married 1 yr later, borrowed $50,000 from house equity and make interest only payments from joint acct, divorced 2 years later. What part of the house value would be considered marital property.   100% of the house value, 2 years marital use value, or the joint payment amounts?   Thanks
Expert:  Law Pro replied 5 years ago.

Okay, here we go - what she would have interest in - extremely short length of marriage:

 

The increase in fair market value of the house during the marriage - if any increase. This may really be nothing given that the housing market has taken a nose dive - your still on the hook personally for the entire loan balance albeit that there is only a $50,000.00 loan amount.

 

Half the equity paid upon the $50,000.00 if you were making payments on the principal - but your not so there's nothing here.

Law Pro, Attorney
Category: Estate Law
Satisfied Customers: 24396
Experience: 20 years experience in estate and trust planning, probate, and wills
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