Protecting Your Assets
There are a number of ways for you to protect your assets in the event of a divorce. Premarital agreements, trusts, and living wills can ensure that you don’t lose anything unnecessarily in the midst of a divorce; however, if you did not establish any of these written contracts, then a judge will decide how your assets are divided, which may not be to your liking.
If you need assistance in creating a living will, trust, or premarital agreement, or you planning a divorce, you should consult an experienced attorney who can help advise you about your legal options. Contact the Denton divorce lawyers of Alexander and Associates at 972-420-6560 today to schedule a free consultation.
A premarital agreement is a contract by which both spouses discuss and agree about who will receive what property in the event of a divorce or death. If a premarital agreement is created, a court cannot interfere with the division of property during a divorce. However, property acquired throughout the course of a marriage – including stock investments, life insurance policies, houses, vehicles, etc. – will be appraised and divided. Depending on what state you live in, the process will differ.
If you live in a community state (such as California, Idaho, Nevada, Washington, Wisconsin, Arizona, Louisiana, New Mexico and Texas) your property will be divided equally between spouses. If you reside in any other state, the court will determine who receives property based on the length of the marriage, each spouse’s earning capacity, and individual contributions to the household.
A personal will is another means of ensuring the protection of your personal property. If you have investments or possessions that are exclusively yours, it may be a good idea to create a living will that lists these items and stipulates what will happen to the property in the event of a divorce or death.
For assistance in creating a premarital agreement or advice about obtaining a divorce, contact the Denton divorce lawyers of Alexander and Associates at 972-420-6560 today.
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