Protecting Assets in Case of Divorce

[that_guy_3301]

All Men should have no less than 5k in liquid cash hidden away in a safe deposit box that no woman knows about. You need a good credit rating too because you will have to pull credit cards certainly if the case goes on long enough.

 

[sosumba]

5k is not a lot of money in case of a divorce. That is just breakfast money for a divorce lawyer.

 

[Roober]

And if you're going to hide it in a safe deposit box, do it in a bank that's at least two states away. Asset searches cost money and typically they are done in the state in question and in adjacent states. And go paperless with the statements using an email account dedicated to that purpose. Also include receipts showing that you withdrew the money from a legitimate source so that the IRS or a criminal investigator can see that they aren't ill-gotten gains.

No safe deposit box. The point is to have untracked funds. Leave it with a trusted friend or a hidden location you can easily access

 

[RickTheToad]

Just do not get married. If she wants the marriage, then she only wants security. Pre-nups are at the discression of the judge and can be thrown out if s/he feels that it should be. Yes, it can be appealed, but that costs $$$. The only people who win are the lawyers, so it's best not to play. If she wants to get married, you can do a private marriage, religious marriage and ceremony; just DO NOT sign the marriage cert. If she cries and moans or threatens to leave, show her the door. All she wanted was security and something to hold over your head in case something happens. Love is temporary, financial security is necessary in these days.

2013 article was about the Petrakis divorce. I think they spent around 500k in legal fees. It's the case that basically made pre-nups worthless.

Long Island Woman Gets Prenup Thrown Out | Brian D. Perskin

In an unusual divorce case, a Long Island woman Elizabeth Petrakis got her prenuptial agreement thrown out by a Brooklyn appellate court. Learn more here.

newyorkdivorceattorney.com

Millionaire's Wife Gets Prenup Thrown Out

Millionaire's Wife Gets Prenup Thrown Out

www.huffpost.com

Long Island Woman Wins 'Groundbreaking' Prenup Battle

Get breaking national and world news, broadcast video coverage, and exclusive interviews. Find the top news online at ABC news.

abcnews.go.com

A person (dude or lady) would have to be nuts to get married nowadays if they have any assets. There are no protections nowadays. Yes, a trust can help as @BeExcellent suggests. However, there are many caveats. One, it has to be irrevocable. Two, you cannot be a beneficiary. Three, you cannot co-mingle assets or funds. Four, you cannot use personal funds to support the trust's assets. Five, very expensive to setup and maintain.

 

[BeExcellent]

Agreed. For these reasons I do not plan to marry again myself. It’s too risky. But Im beyond the raise a family stage in my life too. I don’t need to be married to be in a life partner type LTR.

 

[Glassguy]

I learned this from a business partner a couple years ago... Start stashing cash.

Take out reasonable increments which could be explained away to a "gambling problem" or "a new hobby".

When married, I had lots of nights at the bar with buddies that would cost hundreds of dollars. Do that for a period of time, and it really adds up.

You could also liquidate unnecessary things, and turn it into cash. Someone could easily blow a savings or retirement account on "excessive spending", or completely irresponsible spending.

If you have kids, make sure to factor that into where you liquidate your cash. A man with a significant gambling problem could pose a liability as a proper caregiver for his children.

Excellent advice.

Everyone should have a "slush fund".......cash. Go spend $200 on a fire proof safe that has an electric code for entry and start loading it down.

"a friend of mine" had close to 100k in his safe at one time. Its a good nest egg if you need it. I seriously know someone (business owner) who has a secret compartment in his concrete garage floor with an underground safe that is concrete protected. Had a huge amount of cash in it, to the point it scared him.

Oh.....and keep the cash in gallon ziplock freezer bags with the slider top while its in the safe. Cash will indeed mold if you put in directly into the safe, no matter if you use silica for the humidity or not.

 

[Lynx nkaf]

Agreed. For these reasons I do not plan to marry again myself. It’s too risky. But Im beyond the raise a family stage in my life too. I don’t need to be married to be in a life partner type LTR.

Honestly, I do want to get engaged again.
I found that very romantic and I felt truly appreciated and needed and it immediately elevated my status to all his family members.

 

[RickTheToad]

Excellent advice.

Everyone should have a "slush fund".......cash. Go spend $200 on a fire proof safe that has an electric code for entry and start loading it down.

"a friend of mine" had close to 100k in his safe at one time. Its a good nest egg if you need it. I seriously know someone (business owner) who has a secret compartment in his concrete garage floor with an underground safe that is concrete protected. Had a huge amount of cash in it, to the point it scared him.

Oh.....and keep the cash in gallon ziplock freezer bags with the slider top while its in the safe. Cash will indeed mold if you put in directly into the safe, no matter if you use silica for the humidity or not.

Agreed, but keeping it in cash is not good. Have a fire, it burns. Keeping it secret is hard. If something finds it, you have questions. If none of those get you, well, inflation certainly will. Your friends safe wasn't so secret as you know about it. People talk. Better to have it in precious metals or in a c-corp where you are not the owner (I.E. trust). But why go through all of this? It's just a bad idea.

I ask anyone to just give me one reason how this benefits the person with the assets? Just one.

 

[ImTheDoubleGreatest!]

Agreed, but keeping it in cash is not good. Have a fire, it burns. Keeping it secret is hard. If something finds it, you have questions. If none of those get you, well, inflation certainly will. Your friends safe wasn't so secret as you know about it. People talk. Better to have it in precious metals or in a c-corp where you are not the owner (I.E. trust). But why go through all of this? It's just a bad idea.

I ask anyone to just give me one reason how this benefits the person with the assets? Just one.

Tax breaks and/or tax returns.

You could just rent one of those storages at a storage warehouse and stuff your cash inside a safe there. Maybe have a close friend or brother rent it just to be extra sure but you pay for it and just have him give you the keys to the thing instead. Sure it costs money, but call it insurance.

Safest bet is a religious marriage that isn’t recognized by the state. You’ll need to have her change her address every so often so that you and her don’t become married through common law marriage if your in one of those states (some states that technically don’t recognize common law marriage might still have some legal rulings that can still screw the guy over in court if she lives with him for long enough since it technically would be her legal residence as well if she lived there long enough; if she got a good enough lawyer, you can be shafted that way, but overall it’s pretty unlikely).

 

[RickTheToad]

Tax breaks and/or tax returns.

You could just rent one of those storages at a storage warehouse and stuff your cash inside a safe there. Maybe have a close friend or brother rent it just to be extra sure but you pay for it and just have him give you the keys to the thing instead. Sure it costs money, but call it insurance.

Safest bet is a religious marriage that isn’t recognized by the state. You’ll need to have her change her address every so often so that you and her don’t become married through common law marriage if your in one of those states (some states that technically don’t recognize common law marriage might still have some legal rulings that can still screw the guy over in court if she lives with him for long enough since it technically would be her legal residence as well if she lived there long enough; if she got a good enough lawyer, you can be shafted that way, but overall it’s pretty unlikely).

C-corp wouldn't be on your tax returns if owned by a trust or a trusted person. Since the C-corp pays it's own taxes, it would never touch your assets; assuming it's setup correctly. Only 11 States recoginize common law. One can enter into an agreement prior to cohabitating that both agree what is each others, assets and liabilities stay with each person during and after the courtship ends. One can do the religious marriage too, but one needs to be careful with that too.

 

[ImTheDoubleGreatest!]

C-corp wouldn't be on your tax returns if owned by a trust or a trusted person. Since the C-corp pays it's own taxes, it would never touch your assets; assuming it's setup correctly. Only 11 States recoginize common law. One can enter into an agreement prior to cohabitating that both agree what is each others, assets and liabilities stay with each person during and after the courtship ends. One can do the religious marriage too, but one needs to be careful with that too.

No I’m saying filing your taxes joint gives you tax breaks.

What’s worrisome about a religious marriage?

 

[RickTheToad]

No I’m saying filing your taxes joint gives you tax breaks.

What’s worrisome about a religious marriage?

Joint taxes can also increase your tax rate and make sep. funds commingled. You can also be phased out of Roth IRAs and other tax programs. It;s not good. Nothing wrong with a religious marriage; that why I offered it. I do not believe in floating beings or demigods, so it means little to me; religious marriage.

 

[ImTheDoubleGreatest!]

Joint taxes can also increase your tax rate and make sep. funds commingled. You can also be phased out of Roth IRAs and other tax programs. It;s not good. Nothing wrong with a religious marriage; that why I offered it. I do not believe in floating beings or demigods, so it means little to me; religious marriage.

Yeah but you said with the religious marriages that we need to be careful with those too. Why?

 

[RickTheToad]

Yeah but you said with the religious marriages that we need to be careful with those too. Why?

Some States do recognize that as a legal marriage w/o a license. Mostly the bible belt and Southern States I believe.

 

[dude99]

I worked with a guy from Dallas that took a chainsaw to most belongings to 'split things equally'.
Funny as hell but hey, it made him feel better.

I had a former coworker that sued his ex because the court ordered everything to be split 50 - 50. He demanded one of her breast implants that he paid for.

Court denied it but he tried.