Division of Trusts in Divorce
Division of Trusts in Divorce
Trusts are extremely flexible devices that are used for a wide variety of purposes. For this reason, they can be challenging in terms of divorce and property division. With more than 30 years of experience on our side, HALE BALL MURPHY, PLC in northern Virginia is able to address this unique type of asset. We are skilled at addressing trusts of all types, revocable and irrevocable. This includes non-traditional trusts such as resulting and constructive trusts.
Trusts and Inheritances
Trusts are commonly used as an estate planning tool. Assets gained through a trust in that manner tend to be treated like other inheritances. They are considered separate property and not subject to asset division during a divorce. However, the separate character must have been maintained. If assets were provided through a trust and commingled with marital assets, protecting those assets will be much more challenging. Our lawyers are able to address these challenges, working with forensic accountants and other experts as necessary.
When Is a Trust Subject to Property Division?
If a divorcing spouse is receiving mandatory distributions from certain types of irrevocable trusts, that income may be considered marital property and be subject to division. This can be complex, particularly if the amount distributed varies. Our lawyers take great care to review all trusts to determine whether or not they are subject to property division. If they are, we will make certain that the division is handled properly and in the best interest of our client.
Contact an estate or trust attorney today for legal assistance. Our attorneys are also skilled in any type of estate or trust, including non-traditional trusts like resulting or constructive trusts, and even pet trusts.
If you have a question, we encourage you to schedule a confidential consultation with one of our Northern Virginia lawyers. To make an appointment call us at the above telephone number 1-703-591-4900 or use the contact form below.
Since 1980 the AV-rated law firm of HALE BALL MURPHY, PLC has served the legal needs of individuals and businesses. Our team of attorneys include lawyers named to Super Lawyer and Rising Star lists, as well as attorneys with advanced legal degrees, specialty certifications and lawyers who teach their areas of practice to other lawyers.
Use the contact form on this page to schedule a consultation, or call 703-591-4900.
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