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Ask Law Educator, Esq. Your Own Question
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Family Law
Satisfied Customers: 118789
Experience:  Experienced attorney: Family law, Estate Law, SS Law etc.
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I am looking advise regarding how to protect my assets

Customer Question

Hi, I am looking for an advise regarding how to protect my assets against child support court order. My husband is on arrears and the court wants to go after his assets. How can we protect us.
Submitted: 1 year ago.
Category: Family Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
The best way to protect your assets is to keep them completely separate from his assets and keep them in an irrevocable trust. The irrevocable trust is called the ultimate asset protection tool, which means that it is what people use to keep anyone form touching their assets. Legally, your separate assets are not supposed to be touched for his separate debt, but if you have the assets combined then they can come after them.
If you move all of your assets into your name only and put them in a trust, as I said, then nobody, including the baby's mama, or any other creditor can go after those assets.
If the house is in both your names, he needs to sign a quit claim deed putting it in your name only and you also put the house into the trust.
Customer: replied 1 year ago.
Thanks for your answer. So if he can put his assets in a irrevocable trust the court can not go after his assets due a child support delinquency??
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
His assets no, YOUR ASSETS yes. His assets, no matter what, will be attached for child support arrears. He cannot avoid his liability on that. Your assets on the other hand, including any of your share of marital assets can be separated and put into trust.
As far as protecting his assets, legally they cannot be protected from child support. Many people try to avoid their liability by moving all of their assets to a trust and LLC in Belize or in Seychelles (See: http://www.escapeartist.com) because those countries do not report to the US government and if he forms a trust in one of those places and the trust owns the LLC nobody will find the money or who owns it. However, while this can work, it is not really honest or legal.
Customer: replied 1 year ago.
Thanks.
We do not have any assets in both name. However he wants to put all his assets on my name to avoid child support come after them. Do I still need to put them in an irrevocable trust and how much will that cost.
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.
No, if he transfers anything to you to avoid paying, the court will recover that from you under the fraudulent transfer act, even if it is in a trust. Again, I cannot tell him to put his assets in the trust and LLC in Belize or Seychelles, but the companies at that website I provided are rumored to charge about $1000-$2000 to set that up.