Traditional Asset Protection

You can split ownership with your spouse, putting some items in your name and some in your spouse’s. During the 1960s and 1970s, many well-to-do doctors put many of their assets in their wives’ names. That meant if they got sued, they might lose their office equipment, for example, but not the large items they put in their spouses’ names.

However, if you follow this traditional way, make sure your spouse will love you forever and never leave you. What if your home ends up belonging to the pool boy because your wife left you and married him? She could do just that if she owned the property. Also be careful about splitting ownership among your children. When your children reach 18 and obtain title to your property, they may hate you and take revenge by taking over the property, even renting it to you! Believe me, trusts, corporations, and perhaps partnerships are better ways to split possessions than this traditional way.