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I provide experienced legal guidance in family law, divorce and special education law. I represent parents and families throughout western Massachusetts.

Massachusetts residents may consider property division protection

For some Massachusetts individuals, getting ready to get married may also mean discussing the possibility of a potential divorce. This type of conversation may be a bit uncomfortable to have with a soon-to-be spouse who may not want to consider the marriage ending before it even begins. However, discussing options like prenuptial agreements and other possibilities may be beneficial due to the chance that property division issues could potentially arise.

For individuals who may want to protect their assets, prenuptial agreements may not provide the security they are looking for. As a result, a concerned party may wish to explore a Domestic Asset Protection Trust, or DAPT. Such a trust is different from a living trust because it can potentially protect assets from creditors and, during divorce, spouses. This type of trust may also allow an individual to remain the beneficiary of the trust while maintaining the ability to access their assets.

Such a trust could allow a separation of assets that could protect property and accounts if an individual faces divorce. Typically, this idea may appeal most to parties with a number of assets they wish to protect, particularly valuable ones. However, it is important that such a trust be set up well in advance in order to ensure its full effectiveness.

It is important to understand that a DAPT is not available in all states. Therefore, it is important for Massachusetts residents to understand their state’s options to determine what type of agreements and accounts may be needed to protect assets in the event of divorce and property division proceedings. Though a couple may hope to never face a divorce, preparation can keep matters running smoothly if the situation does arise.

Source: The Huffington Post, "Protect Yourself in a Divorce Using a Domestic Asset Protection Trust", Robert Pagliarini, May 22, 2014

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