Hypothetical Question: Say I have 300 million dollars, but put all my assets under my father's name. If I get a divorce with my wife, she won't be able to get any money from me, correct?
If she can trace where your money went and show that it came from marital funds, she could still be entitled. If you gifted it all to your father, you could have some serious problems with the IRS. But more than that it would be considered marital waste to give all of your assets away and you could still end up owing a marital share to your wife, even if you don't actually have it anymore, if she can show that you once did.
This answer is given in accordance with the laws of Virginia and may not be applicable in any other state. It should not be construed as legal advice, as that would require a more thorough analysis of all of the facts involved in a specific case. If you need further information or assistance, please feel free to contact my office for a consultation.
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