When divorcing a high asset partner, you would do well to remember the phrase “All is fair in love and war.” Many people operate by those rules.
You may be hoping your spouse will offer you a fair settlement, but they may do all they can to keep hold of their wealth — even if they have more than they could spend in a hundred lifetimes.
What are domestic asset protection trusts?
Domestic asset protection trusts (DAPTs) are a financial planning tool popular with the wealthy. They can make it challenging to get a fair divorce settlement. People use these to keep their wealth out of other people’s hands, such as those of their spouse. Around 19 states allow people to create DAPTs. Florida is not one of them.
Could your spouse have moved assets into a DAPT without your knowledge?
Some states allow people to move assets from one trust and into a DAPT without informing the original trust’s beneficiaries. If your spouse plans to end the marriage, they could transfer assets from a trust where you were the named beneficiary into a DAPT in another state.
They could name their lover or anyone else as the beneficiary, cutting you out. You would know nothing about it until they file for divorce. As you work out how a court might divide property, you may notice some assets you counted on sharing are no longer considered marital property.
Finding where your spouse has hidden those assets can be difficult. One of the reasons people choose DAPTs is that they do not divulge their contents to others. DAPTs are a relatively new phenomenon. If you feel your partner has used one to hide assets from you in divorce, you need to look at the legal options available as quickly as possible. Speak with an experienced Miami advocate today.