If I place my inherited farm in an LLC, does it become personal property in a divorce a settlement?
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If I place my inherited farm in an LLC, does it become personal property in a divorce a settlement?
Asked on March 21, 2012 under Family Law, Arkansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
Speak with a family or divorce law attorney about how to protect your assets as best as possible before doing anything. If the farm was inherited, it may be protected anyway, since the property a spouse personally inherits is often not subject to distribution in a divorce--transfering it into an LLC will likely add nothing to whatever protection it has, since the courts are quick to set aside transactions, such as shifting personal property into an LLC, evidently made purely to shelter assets, or defraud creditors and spouses.
If you are in the middle of divorce, are contemplating divorce, or are aware your spouse is planning to divorce you, you should have an attorney anyway; one question to ask him or her is whether you can, and how best to, protect the farm.
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