Many people are not familiar with trust accounts, which are essentially bank accounts that are maintained by a third party on behalf of their clients. However, being familiar with these types of accounts can literally pay off, especially for those who are dealing with divorce matters in California. Trust accounts are powerful tools that can help you protect your assets during turbulent times, and this post aims to explain just how powerful of a tool a trust account can be during a divorce.

To begin, trust accounts used during family law and divorce cases are typically maintained by family law attorneys. There are many types of trust accounts, but the most common type that is utilized during divorce cases is known as a segregated trust account. This type of account is able to hold large sums of money which can collect interest, which goes to the client.

Generally, a segregated trust account is useful when dealing with transactions such as the sale of an estate, or other forms of property division, especially before the divorce is finalized. As the final terms have not been outlined, it can be difficult to determine who will get what in the near future, which can be problematic when dealing with large transactions. A trust account helps avoid any potential problems, and is vital in helping individuals protect their assets when the exact terms of the division of property are still up in the air.

Need Legal Counsel On Trust Accounts in California?

This is but a brief overview on the many ways in which trust accounts are important components of divorce proceedings in California. To learn more, and to speak with skilled family law and divorce attorneys in CA, call Rubin & Levavi, P.C. at (415) 564-2776 today.