How Do I Protect My Assets From Potential Future Divorce Claims?
Some people consider prenuptial agreements to be the only way for asset protection in the event of divorce. The main purpose of a prenuptial agreement is to protect personal property obtained before marriage. Private property is not commingled with assets in divorce contract.
Trust advantagesIn recent years trusts are gaining the leading positions in the sphere of asset protection. There are jurisdictions which give protective measures via Asset Protection trusts. Furthermore, offshore trusts can potentially provide even more reliable legal safety as long as they are drafted and implemented properly by a legal professional. Such trust companies generally also carry an insurance policy and bond. Moreover, in most cases they are not subject to the client*s domestic jurisdiction. Most importantly trusts hold their funds in seasoned international banks, which possess greater financial security.
Drawbacks of Prenuptial Agreements* Property division prior to the wedding can cause irreparable issues between the future spouses and in some cases cause the end of marriage before it even begins.
* Prenuptial Agreements are generally drafted in favor of one party more than the other lacking equality. * Marriage contracts can create a strain on the relationship between the spouses* respective families.
* In the case of divorce prenuptial agreements can cause unfair settlements.
* Most importantly, prenuptial Agreements generally do not protect personal assets that increase in value during the life of the marriage or assets commingled by the spouses after the marriage.
Most people try to avoid the uncomfortable conversation on the subject of family property division. Using a properly drafted trust, a person can protect his or her assets prior to the marriage without their future spouse*s involvement.
To learn more about how you can protect your assets safe in the case of divorce, please don*t hesitate to contact Morgan Legal Group PC http://morganlegalny.com/ to find out the most appropriate way in your individual situation.