It may be an awkward or uncomfortable conversation to enter into a marriage by protecting your assets with a prenuptial agreement. But there is another option that divorcing couples have after the fact if they did not have an agreement prior to marriage. If you are getting a divorce and did not protect your assets before marriage, talk to your divorce attorney in Las Vegas about the Nevada Asset Protection Trust.
A Domestic Asset Protection Trust is an asset protection agreement that is often used to shield individuals from creditors but it can also be used in the divorces cases as well. A DAPT is an irrevocable trust, which means you relinquish control over your assets. Creditors may not go after any of your assets that you do not have control over. Many are uncomfortable with giving up jurisdiction over their assets, but with a DAPT the trust creator is the discretionary beneficiary and the assets are still protected from creditors, however this does not necessarily mean it is protected from your spouse.
Nevada has their own trust called a Nevada Asset Protection Trust (NAPT). An NAPT can’t be reached by creditors, including a divorcing spouse. The trust creator has the best of both worlds– actually retaining access as a discretionary beneficiary and also protecting his or her assets. Signing a prenuptial agreement along with the NAPT means your assets will be even further protected.
Contact Ed Miley, a divorce attorney in Las Vegas, today if you have any questions about protecting your assets or the Nevada Asset Protection Trust. Call 702-942-0600 or send us a message through our contact page.