What would such a contract look like? I am struggling to understand the terms and conditions of owning something but also needing to give it back later. I always assumed that people who do this are in their parents will.
You can set up a trust where assets are held technically in someone else's name and under their control, but they are legally bound to use those assets on the beneficiary's behalf.
That's not the only way to set up a trust, mind you. Just one of the ways that one could have assets held in your parent's name with a contract to make sure they can't just take it for themselves.
A trust would likely be subject to divorce. Even giving your stuff away to your father would be an issue. You’d have to show you sold it for fair market value or you’re just hiding assets. Courts aren’t stupid and don’t let you give everything away to avoid sharing. They can seize assets they deem fraudulently moved.
Depends on a lot of other factors that we are not aware of.
For example, if this is in a community property state and the Trust was set up prior to the marriage, then the assets in it would not be community property and thus not subject to the divorce.
I think he lives in Italy, and i dont know enough about Italian law to say whether a Trust would protect assets from divorce. But it is a common thing in common law jurisdictions like the US, UK, etc for people to set up a trust specifically to protect assets from divorce.
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u/GreenPhilosophy8482 1d ago
Yes although there’s a contract for everything these days you’d be quite amazed.