The Do’s and Don’ts of Asset Protection during Divorce – Part I

One might believe that a pre-marital agreement is the best way to protect your assets when getting married and generally that is true. However, if the pre-marital agreement is not prepared properly, such an agreement may not be as ironclad as it should be. Holes can be found in any legal document, so it is better not to leave things to chance. After all, approximately 25% of marriages end in divorce. (The popular number for this statistic is 50%, but the truth is more complicated than that.) Either way, there should be more than a 25% chance of keeping one’s assets intact, especially if you have a high net worth.

Generally, what types of assets would be part of a high net worth estate? If you own at least one or more of the following and have at least $1 million in liquid assets, then this article likely applies to you:

  • Pensions, severance packages and other forms of retirement accounts
  • An interest in a closely held private company
  • Stock options
  • Employee benefit plans
  • Professional practices and partnerships
  • Trusts
  • Ranches, farms and livestock
  • Oil, gas and other mineral rights (including working interests and royalties)
  • Real estate
  • Life insurance policies
  • Annuities
  • Money market or other bank accounts
  • Investment accounts
  • Patents or other intellectual property

Comments

Contact Us
close slider

Request a Consultation