Nothing in this world is perfect, especially with relationships. It is a widely known fact that separation of couples happen in all parts of the world. When the relationship ends, the legal battle begins. Both parties fight for their rights over their children, their properties, their assets, and their Trusts. While this can be a good thing for lawyers as they get to collect fees from these legal battles, this can be a real pain in the neck for the couple who just separated.
There are times when a couple would fight over a Trust that is worth $500,000. The sad thing about this battle is that both parties end up paying up to $100,000 for their lawyer's fee. If you come to think of it, they don't battle over the property, it's just an ego thing and they do it merely because they are hurt. It's a losing battle for both parties and the lawyer end up with a good amount in their pockets.
As an expert in this field, I have two important tips for people in order to avoid the situation that is mentioned earlier. Mind you, this article is not some kind of a relation advice so if you expecting a solution to your personal dilemma, another expert can probably help you with that. My tips are simply to help one avoid risky situations where one ends up in a losing battle over a Trust the moment separation or end of relationship occurs.
Get a legal advice. This is the most obvious and most sensible solution that I can ever give. Before setting up a trust, ask for an expert's opinion. Most of the time, they will require both you and your partner into a property relationship agreement. Remember than prevention is better than cure and what better way to do it than by consulting an expert. Be careful though as there are times that this agreement becomes null, especially if the relationship ends right after the assets have been legally transferred via the Trust.
Having two Trusts is an open secret that everybody knows. The moment you have two Trusts, you have the power to deal with the assets that was your own. You can put personal properties that were your own, like long before the relationship started. You can put family heirlooms and inheritances in your own personal Trust.
The two steps that I mentioned are fairly easy. Remember that an ounce of prevention such as getting an agreement or setting up another Trust is better than paying for the cure which will benefit nobody but your lawyers.
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