Legal Question in Wills and Trusts in California
My wife was told and is of the understanding that any assets I may have placed into a trust for my kids are EXEMPT from being part of any divorce settlement since this was done before marriage.
HOWEVER...
What she did not tell the attorney was that she was not discussing an irrevocable living trust or testamentary trust but rather a revocable living trust which at the time (and still now) has no assets since I have no assets.
I have told her that any assets (i.e. money) that I acquire from a new business post-marriage will be subject to a 50/50 split should we divorce or I die and my kids only acquire that 50% which was mine leaving my wife fully protected and not screwed as she believes she was told.
Who is right???
Me or my wife/her attorney???
1 Answer from Attorneys
It sounds like you and your wife's attorney are both correct, but that she did not tell him the correct facts. If you had assets before your marriage, whether or not in a trust, and you did not co-mingle them with community assets, you may leave them to your kids when you die, or keep them if there is a dissolution of the marriage. But if all your assets are community property (everything acquired as a result of your efforts or your wife's efforts during the marriage, but not inheritance or gifts) then your wife is entitled to 1/2 if you die or get a divorce.
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