Baltimore County Family Lawyer Discusses Prenups
Towson Family Law Firm With Prenup Experience
As you prepare to enter into the legal state of marriage, you may be thinking about how you can protect your assets. While no one anticipates Getting Divorced before tying the knot, it is smart to make sure your bases are covered, should this relationship not work out as planned. While some see this kind of thinking as a bad omen, we believe that having your finances protected and in good standing is a reasonable and practical step to take.
From our perspective, it’s far better to be over prepared than under-prepared. But, what’s the best way to look out for your financial well being? Practically everyone has heard of a Prenuptial Agreement, usually made famous by celebrity splits. However, a pre-nup is often contested, and, as a result, is not as resilient as you might expect. Luckily, it’s not your only option.
For many, a Domestic Asset Protection Trust (DAPT), may be a more reliable and steadfast choice. A DAPT is an asset protection strategy favored by wealthy individuals who are seeking to protect their assets from creditors. However, protection from creditors is not the only benefit. As it turns out, a DAPT can be helpful in protecting assets during Divorce.
This is because a DAPT is an irrevocable trust. In revocable trusts, the trust can be terminated and funds can be withdrawn, either by you or by the creditor. However, in traditional irrevocable trusts, you give up your right to the assets in the trust and can no longer control them.
This doesn’t sound like a great option for most people in Mays Chapel. But, that’s why the DAPT is so popular. It’s still an irrevocable trust. But, unlike the traditional format that requires you to give up access to your assets, a DAPT allows you to remain a beneficiary of the assets within. Additionally, the assets are protected from creditors. Now, that definitely sounds like more of a win-win, doesn’t it? And for some, it can be.
Is a DAPT Right for You?
There is a lot to consider when deciding how best to protect yourself and your assets, and this discussion is just the tip of iceberg. Not all assets are appropriate for a DAPT, so it’s best to consult an attorney you can trust, before making a final decision.
If you’re in the Baltimore area, then a Top Cockeysville Divorce Lawyer may be just what you need to help you evaluate your options. After all, getting married is a big step, and you shouldn’t walk into it without fully understanding the way it will impact you and your assets from a legal standpoint.
Have questions? We understand. These are complex matters that are not lightly discussed. So if you’re ready to take the next step in determining the best way to navigate your future, do not hesitate to contact us.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.
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