Thursday, December 31, 2009

Legal Advice on Marriage and significant personal assets?

I am strongly considering getting married and i need some ideas on what i should do to help protect some assets of mine. Im 26 and work in the investment services industry, but my deep dark secret is that at 21 i won the lottery in my home state. I have taken some rather extreme measures to distance myself from that as i could cost me much of my professional reputation. Also, I never told the girl about it either as i like being normal and living a regular upper middle class life. In addition to that I have have a received a rather large inheritance. Is there a way to get a pre-nup without disclosing what assets you are protecting.Legal Advice on Marriage and significant personal assets?
A prenup will be invalid if you fail to disclose your assets.





But, if you live in, and remain in, a community property state (California, Arizona, Nevada, Texas, Louisiana, New Mexico, Idaho), then anything owned prior to marriage, and any inheritance, is your sole and separate property; spouse will have no claim to that property in the event of divorce.





The other common law states vary wildly in terms of what an ex-spouse may be entitled to. You'll need to see an attorney in your state for more information.Legal Advice on Marriage and significant personal assets?
Failure to disclose assets can void the prenuptial agreement. And, frankly, if I found out my spouse was hiding something like that, I'd be out the door--with or without a portion of the assets.





I also fail to see how winning the lottery could in any way impair one's professional reputation, unless you are a monk who has taken a vow of poverty. In which case you would be unlikely to be talking marriage.
You are seriously going to marry someone who you don't trust with information about your assets? Really? You're going to build a life with this person, who you're committing to, but you won't be honest about your financial situation? ::shakes head:: Gee, no wonder you think the marriage might fail.





Anyway. Consult an attorney. They'll tell you if a prenup in your state would be valid without full disclosure. In some states it would not be valid.
Yeah, you would just phrase the prenup to say ';all other assets'; in a way that would include the lottery.





Kudos to you for being so responsible with the lottery money. Many people let it ruin their lives.





However, my feeling is that if you get married, she is going to find out sooner or later.
So you are filthy rich, but can't afford an attorney ? Spend the $500 on a lawyer to save alleged fortune.

No comments:

Post a Comment