Contrary to popular stereotypes, trust funds are not the exclusive province of the wealthiest people. Estate planning lawyers often encourage clients to set up trusts in order to save money on taxes; especially in blended families, trusts are an effective way of preventing inheritance disputes during probate. Setting up a trust fund can give you a feeling of financial stability and family stability, at least as much as owning a house and living in it with your spouse and children can. Gray divorce is increasingly common, and sometimes couples who have stayed together long enough to set up trust funds together decide to divorce. The effect of trust funds on a divorce can be a contentious issue. If you are the settlor or beneficiary of a trust, with or without your spouse, and you are going through a divorce, contact a Rolling Meadows property division lawyer.
Inherited assets are considered separate property, even if you or your spouse received them during your marriage. If one spouse receives money from a trust set up by a deceased family member, the income from the trust is considered that spouse’s separate property. This means that the court will not require you to divide your inherited wealth (that you received through a trust) with your spouse, but the court could reduce the amount of maintenance it orders your spouse to pay you. Likewise, the court might count your trust fund money as marital property if you deposit it in a marital bank account or pay it toward the mortgage on your marital home.
Revocable trusts are, by nature, subject to change during your lifetime. The court can order you to liquidate a revocable trust during your divorce, just as it can order you to liquidate any other marital or nonmarital asset. Family law courts have ordered people to sell real estate properties in order to satisfy obligations or to make it easier to divide the marital property, and the same goes for revocable trusts.
If you and your spouse set up the revocable trust together, it is probably marital property. If only one of you set up the revocable trust, it is probably nonmarital property, unless you used marital property to fund the trust, in which case the court will treat it as a marital asset. Disputes over which assets are marital and which ones are separate are common in high net worth divorce, and high asset divorce lawyers can help you resolve these disputes.
The more property a couple owns, the more room there is for disagreement about how to divide it. A Rolling Meadows property division lawyer can help you resolve disputes about the division of valuable assets such as trust funds, businesses, and real estate property. Contact Andrea Heckman Law in Rolling Meadows, Illinois to discuss your questions about divorce and trust funds.
Walked in just for consultation, and in less than 45 days, my case was closed! Thanks to attorney Andrea Heckman, with all her passion and professional manner! Couldn’t be happier! Thank you so much for everything! Great attorney for all family needs! Thank you.
From the moment I walked in as a client to the end when everything was complete, I was very pleased with attorney Andrea Heckman, her knowledge, and professionalism! Her whole staff was always helpful. I would use them again if needed and refer them to everyone I know! Thank you.
Andrea Heckman has been my attorney helping/guiding/advocating for my children and I regarding my custody situation. We are in the process of working towards a more equal parenting schedule, and I have faith in her efforts and expertise to accomplish this.
I have used this office since 2018 and have nothing but excellent things to say. Andrea Heckman handled my divorce with no faults. Andrea is currently handling my child custody case and has been on top of everything! Andrea Heckman is an unstoppable force, and I would recommend her to anyone!
I could not ask for a better attorney to represent me during my case which is Andrea Heckman. Anytime I had any questions, I got a response in a timely manner. Andrea walked me through a very difficult time which was a divorce/child custody case. Andrea is very knowledgeable and motivating. The staff has been nothing but welcoming and professional. If I have to go to court for anything, I will definitely be giving this firm a call again.
Heckman Law is handling my divorce/custody. Andrea is very professional, knowledgeable, and responsive. She will take the time to answer and explain any questions you may have. She usually responds within a few hours. Honest about possible outcomes, whether it’s good or bad news. My ex doesn’t want to negotiate or cooperate with anything. Andrea is willing to fight in the courtroom for you. The case is ongoing.
I was represented by Andrea Heckman, and if it wasn’t for her, I would have been so lost. She guided me through my difficult situation. Some lawyers are about money. I knew that Andrea cared about me and my situation.
Ms. Heckman is a great lawyer. She helped me get time with my daughter when my ex was being nasty and refusing to let me see my baby. I thank her for all her hard work.
Ms. Heckman managed our parents’ will and advanced care planning documents expeditiously, skillfully, and with compassion during a stressful situation. We referred her to a family member for divorce with child custody issues, and she was pleased enough to refer her to 2 others for divorce services. A true professional.
Please contact our law office in Rolling Meadows for legal assistance with divorce, child custody, or visitation issues. We serve clients in the Chicago metropolitan area who need the help of an experienced and dedicated family law attorney.