QUESTION
Are there any liability protections if I were to marry a person with teenage children that live with us?
Asked on Aug 28th, 2016 on Estate Planning - Washington
More details to this question:
I have acquired some financial assets over the years and am worried with the behavior exhibited with his kids at times. The father doesn't have any assets, and we live in a state where community property laws exist. I have little say in the parenting decisions, and the biological mom allows the kids to do what they want when they stay there on the weekends. For instance, one of the kids has been caught driving someone else's vehicle without a driver's license, no insurance and medical conditions that would not allow them to drive. I'm afraid of the liability issues if I were to get married with potentially being sued and losing everything I've worked so hard for over the years. Is there anything I can do to protect myself and still be able to marry this person? I'd greatly appreciate any advice.
1 ANSWER
Thomas Edward Gates
There are liability protection options, but why would want to put yourself into that environment? While you live in a community property state, you still are permitted to have personal property and, as long as you do not commingle them with the community property where they cannot be distinguished you are protected. You can invest the money and purchase stocks and bonds, as well as have a separate banking account all in your name alone. You can make purchases, like buy a rental, in your name only. I suggest you see an estate planner to discuss best options for you.
Answered on Sep 22nd, 2016 at 6:28 PM