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Question

If you are seeking a divorce in Massachusetts and a trust fund is involved is the spouse subject to 50% of the marital assets if the trust fund is part of it?

Submitted: 46 days and 18 hours ago.
Category: Legal
Value: $48
Status: CLOSED
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Optional Information

State/Country relating to Question: Massachusetts

Posted by DCrane 46 days and 18 hours ago.

Info Request

to be sure that I understand your question, was the trust created by the couple during the marriage?

46 days and 18 hours ago.

Reply

no it is a family trust created by his grandparents

Posted by DCrane 46 days and 18 hours ago.

Info Request

I see, and you are asking whether the trust is considered marital property if he is the sole beneficiary of the trust?

46 days and 18 hours ago.

Reply

yes

Posted by DCrane 46 days and 18 hours ago.

Info Request

do you know if it is a revocable or irrevocable trust?

46 days and 18 hours ago.

Reply

no I do not

Accepted Answer

ok, if the trust is revocable it is not considered marital property because the owner of the trust can revoke it, meaning the beneficiary reallydoes not have ownership of the proceeds of the trust, as such there is no property interest in the trust.

 

In the case of an irrevocable trust, it would constitute marital property. For an in indepth discussion of the trust issues as related to Mass law, see http://www.divorcesource.com/research/edj/trusts/04sep97.shtml

 

 

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Expert: DCrane
Pos. Feedback: 98.7 %
Accepts: 
Answered: 10/6/2009

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Negotiate, Draft, and Review many complex commercial agreements each year.

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