Asset Protection Protecting yourself in a Divorce
This excerpt is from an open source article and is not necessarily the opinion of bostatic.com
There are certain key elements you want to protect during a divorce. Asset Protection in a divorce usually consists of actions involving a spouse. Spouses who want to protect there finances and avoiding splicing property up.
Personal property and marital property are the assets they are looking to protect. Even if the said property is in a single name. It may still be subject to division under the laws of the state or court system.
Inheritance and distinct property can possibly be separate from marital property. But individual property can and does sometimes get mixed up with marital property.
If you have personal property such as money that was put into any marital accounts after you were married. These funds are now marital property.
This instance is where it would have been handy to have had a prenuptial agreement. This in turn would have helped to keep your assets safe. But if there is no such agreement your most likely going to loose at least have of those funds.
In this case protecting your individual assets would have saved you a lot of trouble. This would be called an Individual Asset Protection. This would have been included in the a fore mentioned prenuptial.
Simply put, To keep your asset's safe you would have just not included these funds in the marital accounts. In this light a prenuptial is not necessary to protect yourself with asset protection.
If before marriage, All to keep Asset Protection in a divorce. Just keep your accounts separate and you will have used Asset Protection in divorce.
As you can see Asset Protection can be very simple or very complicated. Especially if involving a court of law. You never know what a judge of the courts may do or order during a divorce.
You may have certain other rights in your state of jurisdiction. Remember that some states don't allow the protection of asset's in any circumstance. Know your state and local laws in this area. Also certain country's don't allow asset protections in any form.
Have your asset's planned before you get married to avoid any hatred or despise for the other party. It is that simple to make asset protection in a divorce work for both party's involved.
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