How to Hide $400M

Re:How to Hide $400M by cwmoo740 on Wednesday November 30, 2016 @02:16PM (#13073715)

You're sorely wrong. Divorces in several states, California included, are like mutually assured destruction with one side having twice the firepower, and everything about a relationship can change in a divorce.

To OP: you don't have to hide your assets in offshore accounts, you can talk to an estate planner and look into setting up a trust (google domestic asset protection trust) and make yourself the sole beneficiary. You would no longer "own" the money and it's protected in a divorce.

Also prenups are typically worthless in the madness that is family court. Never ever ever rely on one.

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Re:How to Hide $400M by gamblor956 on Wednesday November 30, 2016 @05:11PM (#13075195)

Almost everything you wrote is factually incorrect. Prenuptial agreements are upheld 99.999% of the time; it is the extremely rare case that a prenup is voided, which is why such situations make the news.

Also, in a community property state like CA, all assets acquired during marriage are presumed to be "community property" of both spouses, unless there is a prenuptial agreement specifically describing the ownership of assets acquired during the marriage using a spouse's individual and separate pre-marital assets (i.e., pre-marital savings). Thus, an estate planner could not do anything to help you in this situation.

Don't be an armchair lawyer if you don't know what you're talking about.

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Re:How to Hide $400M by phil21 on Wednesday November 30, 2016 @11:40PM (#13077226)

I personally know two folks where the prenup was partially voided. It didn't make the news and these guys were certainly not wealthy by HN standards.

Do you have some research on the topic? I'll admit my assumption has always been they are more or less worthless due to my anecdotal direct experience, and I've even had a family law attorney in my state make comments that also led me believe this was the case.

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Re:How to Hide $400M by mysterypie on Wednesday November 30, 2016 @03:36PM (#13074466)

> Also prenups are typically worthless in the madness that is family court. Never ever ever rely on one.

Are you saying that prenups are worthless in the case of child support or that prenups are worthless in all cases? In the case of child-related issues, you're right. However, in the case of dividing assets, I think you might be mistaken.

I've read stories of super wealthy people with prenups who did not get screwed; i.e., the prenup held up. The best example I can find is a certain billionaire who got divorced, but I cannot mention his name without creating irrevelant political discussion. He had an ironclad prenup and it held. That's the point I want to make. Prenups still work.

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Re:How to Hide $400M by xenihn on Wednesday November 30, 2016 @04:40PM (#13074951)

>I've read stories of super wealthy people with prenups who did not get screwed

That's because we (the USA) have a two-tiered legal system.

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Re:How to Hide $400M by Lordarminius on Wednesday November 30, 2016 @04:53PM (#13075058)

> The best example I can find is a certain billionaire who got divorced....

lol would that be by any chance XXXXXX XXXX ?

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Re:How to Hide $400M by sean_patel on Wednesday November 30, 2016 @02:49PM (#13074036)

> you can talk to an estate planner and look into setting up a trust (google domestic asset protection trust) and make yourself the sole beneficiary. You would no longer "own" the money and it's protected in a divorce.

Thank you for this real and actionable advice.

I found this article, and according to it, California does not allow it. I guess I'll have to move to 1 of those state? Not too bad lol. http://www.forbes.com/sites/ashleaebeling/2016/07/06/compari...

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