My Parents Plan To Put All Of Their Assets In My Name. Would My Husband Have Access To These Assets If We Were To Get Divorced?
Location: TN, USA
TLDR: My parents are planning to put all of their assets in my name over the next few years. Hypothetically, if my husband and I get divorced after this takes place, would he be eligible to gain/benefit from any of these assets as part of "marital assets"?
My parents are in their 60s and thankfully in very good health, and my husband and I have a happy and normal marriage - so all of this is really just me trying to plan ahead and prepare for the worst, if you will. Husband and I are in our early 30s.
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Major info is bolded.
There's a history of dementia and Alzheimer's on both sides of my family, so naturally my parents are concerned about what may happen if they start losing their mental faculties sooner than later. In their preparation for this, my parents recently told me that they're planning to put all of their assets in my name so that they don't have to worry about Medicaid's 5-year look-back rule as they get older.
While my parents are not extravagantly wealthy, they are debt-free and pretty financially comfortable thanks to my dad's high-paying career he recently retired from and his day-trading hobby. They also have a nice, well-kept house in a very desirable area, and my mom has a decent collection of high-quality jewelry and nick-knacks she's collected over the years. They have 3 cars, but two of them are 10+ year old Hondas they use 90% of the time, and one is an old Porsche that my dad is considering selling anyway.
Per my dad, the assets will be put in my name just so my parents can technically be asset-free, but they'll still be the ones paying their bills and property taxes, etc., just from "my" account. I'm not sure if this is a concern anyone has, but just to answer it now - yes, I fully trust my parents. They have never tried to take even one cent from me, and even when I've offered to cover dinner bills and such just to be nice, they refuse. They're fantastic parents whom I trust with my life and anything else in the world.
Conversely, my husband comes from a lower/lower-middle class family and his parents will unfortunately probably never get to retire. They're lovely people whom I care about very much and I also trust them, but I of course would never trust them more than I trust my own parents. As silly as it sounds, I've grown up watching Real Housewives, and if I've learned nothing else, I've learned that you should never trust your spouse/their family too much.
Anywho, like I said, my main concern is what happens to these assets if my husband and I ever get divorced? Would these assets become "marital assets" that I would have to split with him in some way? Would he have access to them if something happened to me mentally or physically (ie. I end up in a coma, or if I'm declared mentally unfit or something)? Should I get a post-nup to address this concern?
Any advice or information would be greatly appreciated!
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