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Two ways to protect assets during a divorce

Residents of New Jersey who are well off may want to think about protecting their assets if they are married or considering marriage. Few people want to think about ending their marriage before it begins, but when someone has a high net worth, protecting his or her assets from divorce is essential. Some of the ways this can be done include prenuptial agreements and keeping money and inheritances separate from the other spouse.

The goal of a prenuptial agreement is to protect the assets of the individual with the most property in a marriage, and it can also reduce the chances of a drawn-out court battle if a couple divorces. Prenuptial agreements have become standard fare, and these legal agreements can help couples communicate exactly how their finances will be arranged during and, if necessary, after a marriage.

Another way that individuals making more money than their spouse can protect their property is to keep some or all of their finances separate. Having individual bank accounts can give people better control and freedom in financial matters. Additionally, if someone has an inheritance account, he or she may want to keep his or her spouse's name off the account and avoid using funds from it for joint purchases. If an inheritance is not kept separate, it could be considered a marital asset eligible for division during a divorce.

People may want to speak with an attorney to find out what their options are for protecting their assets. Even if someone is not thinking about divorce, an attorney could help him or her understand the best way to ensure his or her financial stability if the person and his or her spouse eventually end up separating.

Source: Forbes, "Divorcing Women: When You Earn More Than Your Husband," Jeff Landers, April 10, 2013

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