Minding Spousal Assets through Change
A matter involved spouses, both of whom had been previously married. One spouse had assets of approximately $4 million, whereas the other spouse had no significant assets. A premarital agreement provided that the spouses' assets were to remain separate. When the well-to-do spouse developed symptoms of dementia, the less-moneyed spouse began a program of transferring assets from the well-to-do spouse to the less-moneyed spouse. Quarles & Brady was alerted to the situation by the daughter of the well-to-do spouse and succeeded in having her appointed as guardian for her parent. Once the guardianship was established, we worked with the daughter to obtain the recovery of more than $1 million that had been diverted to the less-moneyed spouse.