There are many documents a couple can create and sign to address issues should they decide to divorce sometime in the future. The most popular of these are postnuptial and prenuptial agreements. But there are other legal instruments which do not only serve as tools during a divorce, but also protect individuals from themselves. While most people wish to grow old together, especially with a loved one, age comes with its’ own set of risk.
The heiress to the Destin diaper rash ream fortune recently filed for divorce from her husband of over 21 years. Details of what brought about the divorce differ depending on who is asked, but what is known is that the heiress’ husband believes she is being used. He accuses his wife’s personal assistant and her personal trainer of turning her against him. The 83-year-old heiress hired the personal trainer and has, according to her husband, paid him $12,000 for little more than a couple of stretching sessions. The heiress denies being used for her money by pointing to the private trust which manages her assets and pays her monthly distributions as a built in protection.
Prenuptial agreements can be used to protect ones assets not only as a standalone document in the event of a divorce, but it can also be used in tandem with an estate plan. An estate plan can simplify complex asset divorce using tools like irrevocable living trusts which in Florida offer some protections from creditors and ex-spouses. While the protections gained from a prenuptial agreement are many, it is not an infallible agreement and may be thrown out during a divorce if not drawn up correctly.
Proper planning before a divorce can go a long way to assure that one’s standard of living is not gravely affected after a divorce. Preparing for any reasonable outcome may require some to reevaluate where and how their assets are placed and managed. An experienced family attorney may be able to help throughout a complex property division process, hopefully leaving the party in a strong financial position once the divorce is finalized.
Source: Daily News, “Is Desitin heiress victim of a Romeo scheme?” Jenny DeHuff, April 18, 2014