For parties considering a dissolution of marriage where either one or both parties have significant assets or wealth, it is very important to first consider how a divorce can impact these assets. Taking proactive measures can be key before ever taking any steps toward a legal separation or divorce. Once these actions commence, you do not want to be accused or even associated with trying to hide assets.
That is why it is so vital to consult with an experienced high net worth divorce lawyer who can help you take safe and legal measures toward protecting your assets. One of these options include a Domestic Asset Protection Trust (DAPT). Certain states allow the owner of these types of trusts to shelter their assets from creditors. If you are interested in a DAPT and want to know if you can create one in your state, reach out to our law firm today. We can get you to estate planning attorneys who can help.
Protecting Your Assets From Creditors
You may be thinking that the last thing you should be worried about is getting a trust when you are thinking about getting a divorce. But a divorce can have serious financial implications. Your finances will be highly scrutinized as well as liabilities. Your assets, accounts and even businesses could become vulnerable to creditors and other debt collectors. Not to mention your soon to be former spouse could be trying to claim these assets.
By taking proactive measures now, you can at least help ease your mind about creditors attacking you when you are just trying to move on with your life during divorce proceedings. Basically, you do not want to be adding to your bucket of worries when the stakes are so high.
Our seasoned divorce attorneys can review your financial situation and then help determine what legal tools can be utilized to help protect you. This may include a DAPT. What is beneficial about this type of trust is that it can be handled domestically, rather than going to offshore accounts.
To read more on this topic, you can read our article titled: Domestic Asset Protection Trusts Versus Prenuptial Agreements: What Is The Best Option?
Contact Our Law Firm Today For More Information About DAPTs
We invite you to please reach out to us online to schedule an appointment with one of our lawyers. With a family law practice serving Illinois and Missouri, we can help you determine whether a DAPT is right for your high net worth divorce situation. If so, we can get you to estate planning attorneys who can help.