The vast majority of married couples operate on the principle of “share and share alike.”  However there are situations where married couples may be better served by keeping property separate.  This occurs often in various situations, most commonly where one or both spouses have children from outside their current marriage, there is an imbalance in wealth between the spouses, or they simply have differing goals regarding their estate planning based on particular needs or obligations.

One of the best ways to accomplish separation of property between spouses is through the use of Separate Living Trusts and transferring their property into these trusts in a manner that eliminates any joint or community property title to the property and provides clear separate ownership in each spouse.

 Once this separation is accomplished the spouses can each customize their inheritance plans to support their own estate planning goals, including specifying heirs, any philanthropic goals, and any other specific needs or obligations (such as financial autonomy or support of family members), as well as supporting any necessary tax planning.

Separate trusts are a great tool for couples who wish to maintain financial independence, protect their separate property, and customize their estate plans. However, the decision to establish separate trusts should be made in consultation with an experienced estate planning attorney who can tailor the structure to the couple’s unique circumstances and goals. At Arizona Mobile Attorneys we stand ready to help you accomplish these important goals.

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