If you are preparing for a marriage, there are methods in which you can protect your assets prior to your wedding—such as signing a prenuptial agreement. If you have questions regarding how to create one and are ready to speak with a professional attorney, contact us today to schedule a consultation.
How To Prepare Before Marriage
- Prenuptial Agreements – A prenuptial agreement is nothing to be offended by. There are means for responsible adults to spell out their assets and debts. There will be no financial secrets.
- If you enter the marriage with children from a previous marriage, you outline what assets they will inherit upon your passing. Should your marriage end in divorce, you have already worked out many of the details ahead of time.
- Without A Prenup – Even if you and your spouse don’t wish to pursue a prenuptial agreement, there are other ways of protecting your assets. Consider having both joint and separate bank accounts. If you two had homes prior to your marriage, perhaps you can keep them in your own names. The same goes for filing your taxes separately.
How To Prepare After Marriage
- Postnuptial Agreements – There are ways in which to protect your assets even after you are married. That is why postnuptial agreements exist. Wealthy individuals may (wisely) choose to create one. The end state is that each understands their interests. Your assets are protected regardless of the outcome of your marriage.
- Domestic Asset Protection Trust (DAPT) – This is an irrevocable trust meaning that once it is established, you cannot terminate it. The assets belong to the trust. They will eventually be given to your beneficiaries. Although you may no longer possess them, a significant element of asset protection goes along with a DAPT should you ever get divorced.
If you have questions about prenuptial or postnuptial agreements, take action and contact the attorneys at Empowered Family Law. Let’s sit down and discuss how we can protect you and your assets in the event of a divorce.
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Empowered Family Law, PC
With Empowered Family Law, you get an advocate who sees difficulties as opportunities for growth and emphasizes healing and problem-solving no matter how challenging your case.
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