Many Florida residents have the privilege of a trust fund. These funds may have been set up by generous parents or grandparents in order to support their family. But, can these trust funds be touched in a divorce situation?
In general, property division during a Florida divorce is equitable with assets acquired during a marriage divided between each spouse equally upon a divorce. A trust fund may run into problems if its terms are not crystal clear. If terms of a trust fund are vague or open to interpretation, this may cause problems in a divorce settlement. One way to ensure a trust fund remains with its intended recipient is to make sure the trust money does not comingle with any other income and that joint purchases should not be made with the money.
A divorce is a particularly emotional time for a couple. No one expects their marriage will end in divorce and preparing for such an event is taxing and depressing. A person who is facing a divorce situation may want to speak with a legal professional who is skilled in divorce. An attorney can help their client navigate the many intricacies of a divorce, including marital property, child support, alimony, etc. These are serious issues that can have life-long repercussions if they are not handled properly. Having an attorney who knows the ins and outs of Florida divorce law and has your best interest in mind can help ensure that after the divorce is settled, your life will go on.
Property division in a divorce situation is one of the most complicated and emotionally challenging portions of a settlement. An attorney has the experience to know how property is divided and can advise their client to help them receive the best possible outcome.
Source: forbes.com, “Can your ex-husband benefit from the trust your parents established for you?“, Jeff Landers, Feb. 6, 2017