Because many individuals have worked hard to earn their wealth, they often want to take steps to protect their assets. Property may need protecting in a variety of situations, and divorce is once of those events. Rather than waiting until the ending of a marriage, Louisiana residents may want to prepare their protections ahead of time.
In many cases, a prenuptial agreement can help significantly when it comes to property division. However, there are other options that parties may wish to take advantage of as well. Individuals could create a wealth plan and place assets into trusts. By taking such actions, parents may be better able to protect property for their children should a marriage end and division proceedings take place. Additionally, this step could also protect those assets in the event of a remarriage later.
Because wealthy individuals often bring numerous assets into a marriage, they may wonder what property needs the most protection. For some parties, protecting financial gifts and inheritances may be vital. If so, keeping those funds separated from marital funds could help protect them. Other individuals may have concerns when it comes to real estate. In order to protect this type of property, parties may simply choose not to put their spouses’ names on the deeds.
Whatever steps individuals take to protect their assets, they undoubtedly want to ensure that they have taken the correct legal steps to address the matter. If Louisiana residents are particularly concerned about property division during divorce, they may wish to consult with their legal counsel for additional tips and information. By understanding their options, parties may feel more comfortable choosing the best protection path.
Source: kiplinger.com, “Strategically Thinking About Divorce“, Andrew Bass, April 5, 2017