Trusts & Estates

by Randall H. Borkus, JD, and James W. Collins, JD of Borkus Collins Law and Richard J. Shapiro, JD of Blustein, Shapiro, Rich & Barone, LLP

Divorce is an unfortunate reality these days as 40% – 50% of first marriages and 60% of second marriages end in divorce. Without appropriate planning, a spouse seeking divorce will likely be entitled to an equitable portion of marital property, which includes business interests, liquid assets, gifts, employment income, and in some cases, inheritances and other assets held prior to the marriage.

Therefore, it is important for couples contemplating marriage to find ways to clearly communicate their wishes with regard to their assets and income before the wedding day. If the couple fails to adequately address these issues, decisions may be left to the discretion of the judge during the course of what is often an expensive, exhausting, and time-consuming divorce proceeding. For various reasons, couples might be hesitant to execute a prenuptial agreement. So how do you advise them? A Domestic Asset Protection Trust (DAPT) might be a good alternative. Learn more in this article.