How Can I Protect My Assets in a Divorce?

Think of marriage as a binding contract between you and your spouse. Once you are married, you as individuals become one household, and most assets are shared, in the eyes of the court. Unless you can prove a piece of property is truly separate — we can advise you on whether that’s the case — it will most likely be considered community property by default. That said, you can protect your assets ahead of time with a prenuptial or postnuptial agreement, but those agreements need to follow a strict format to hold up in court.

7 Ways to Protect Yourself Financially

Being prepared is the first step to successfully protecting yourself, in a divorce, or not. Knowing what you have and identifying your ownership and its value is a pivotal step in protecting yourself and your assets in a divorce. Having copies of all your financial paperwork is imperative to have proof for the courts and your legal team to use to your advantage. Securing some liquid assets could be advantageous to your process and your bank can help assist in those decisions. Knowing your state’s laws is a key component to your success and thus, having a legal team well versed in your area is monumental to your case. Building that team that is on your side, educated on your issues and dedicated to your success can make all the difference. Deciding what you want, and honestly, what you need, is a crucial step that can easily be overlooked.

Are there other options? 

As always, there are other options at your disposal. It’s important to have the right legal representation and financial advisors to guide you in your process. There are strategies to investigate like offshore asset protection trusts. Another powerful strategy is to have your trust hold an international LLC that will assist in protecting in your assets.