Protecting Assets During Marriage

[mmganga]

My question involves estate planning in the state of: Massachusetts.

Hello all,

I have been married to a woman for about 1 year. She has inheritance which is in a personal trust and which was set up before we got married. She also has a primary residence (in which we live in) under her name and which is not in the trust. Recently she acquired another property which she placed in her trust.

At the moment I am looking to purchase some investment property from my personal assets from before the marriage.

Questions:

(1) should I assume that in the case of a divorce in the future this property may be considered joint even though it would only have my name on it?

(2) should/can I create a living trust to protect myself and my personal assets? Should it be an irrevocable trust?

(3) any other things I should be aware of?

As a note, we did not get a prenup; we contemplated one (it actually stipulated that individual assets purchased in individual names after the marriage would stay our own property) but never did it.

Thank you!


Mitchell.

[flyingron]

A living trust is another name for a revocable trust. You don't want to go around making irrevocable trusts lightly. Furhter if you make an improper transfer of marital property into a trust (of any sort) it's still possible for it to be contested.

If you want to apportion marital assets now the two of you should seek legal assistance.

[mmganga]

A living trust is another name for a revocable trust. You don't want to go around making irrevocable trusts lightly. Furhter if you make an improper transfer of marital property into a trust (of any sort) it's still possible for it to be contested.

If you want to apportion marital assets now the two of you should seek legal assistance.

What are some of the options -- that's the information that I am looking for. I.e. what is typically done or what can be done? Do not get me wrong, our marriage is great and things are fantastic but I just want it to be an even balance (i.e. if my wife acquires assets that go into her personal trust for the benefit of our future children then I would want the same). Note we do not have children at the moment...

Thank you!