Legal Question in Wills and Trusts in New York
Alimony Payments from a Trust Fund
My ex-wife was awarded alimony payments in the amount of $22,000 per year with no time cap. I have paid this for thirty years. I am approaching retirement and will have only social security as income. I do own a house and car, no other investments. If I place the house in a trust for my daughter can my ex-wife get money from the trust? In other words, would the trust protect my assets from a prior financial agreement? I'm assuming that I won't be forced to give up my only source of income, i.e. social security payments. Any advice you can give me will be greatly appreciated. Thank you.
1 Answer from Attorneys
Re: Alimony Payments from a Trust Fund
Any transfer to secrete assets from a creditor, and your ex wife is a creditor, can be challenged, and many times successfully. The trust, if you have use of the house, is too transparent to give you protection.
You can apply to the court for downward modification, but that isn't easy.
See a good matrimonial lawyer.
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