How You Can Protect Assets During Divorce

Any legal matter involving the family can be complex and stressful, and a successful resolution comes from having the right information. At Petrelli Previtera, our blog aims to provide clients, colleagues, friends and family with tips and advice they can use in the real world, so they can live their best lives. As we help people navigate their current legal issues, we also encourage them to look ahead to their futures.

Death, divorce, bankruptcy – no one likes to think about these and other uncertain and unhappy events. But without careful planning for the future, your assets can fall into the wrong hands – leading to unintended beneficiaries, legal fees, probate costs, and more. It’s important to get your goals and wishes documented, so you have control of your assets no matter what happens.

Many people utilize the benefits of these options to protect assets during divorce:

• Writing a will to outline what will happen to your children, your money, and your estate after you pass away.
• Establishing a trust to ensure the assets you give your heirs are used for good purposes. When a trust is the right approach, it can offer unique tax advantages and be customized to meet the needs of its beneficiaries.
• Creating a prenuptial agreement if you’re not married to your partner yet. This document outlines which property would be considered marital assets and which would be kept separate if you get divorced. A prenup can limit each spouse’s debt liability, protect inheritances, and do much more.

You work hard for the things you have. Taking the extra step to document your wishes is smart planning. If you’re interested in discussing a customized approach for protecting your assets, we welcome you to give us a call.