many parents and grandparents don't factor the possibility of an heir's divorce into theirestate planning. But the reality is that a lot of marriages end that way—and putting safeguards in place to ensure assets go where they should in the future may even ...
People in various stages of life have different priorities when it comes to divorce: Younger divorcees tend to focus their energy on child custody while baby boomers consider issues like Social Security benefits, pensions and retirement savings.Casey Dowd...
How to protect assets from divorce, and how not to go broke when breaking up. By Geoff Williams | Edited by Jennifer Ortiz | March 20, 2023, at 3:40 p.m. Save More Steps to Protect Your Money in Divorce More Getty Images Everyone emerges from a divorce financially banged ...
“It’s always a good feeling to know that you have money you can access if need be, or potential lines of credit, in the event that the majority of your assets are held only in the name of your other spouse,” she says.5. Hir...
4. Put your assets in an irrevocable trust Anirrevocable trustis a legal entity that holds and protects assets for designated beneficiaries. When you place assets in an irrevocable trust, you no longer maintain control over them directly. Instead, the assets are managed by a trustee, who can ...
First off, it’s important to know where your business stands in terms of value. In the divorce process, all assets, including businesses will be considered in the matrimonial pot. The value of your business will need to be determined so ascertain how it should be divided in the context of...
And here’s a bonus; if you take the following 5 precautions, it makes it much easier to protect your assets during the divorce. On top of that, it sends a strong message that just might wake your partner up. In turn, that could potentially save the relationship. Either way, here are...
Keeping things in the family � With no estate plan, your personal property and assets may wind up in the hands of a child�s spouse in the event or a divorce. Financial security � With no estate plan, your spouse or children may not be able to enjoy a secure financial future si...
Having asset protection is critical to protecting your assets from creditors. There are many circumstances in which your assets can be attached orgarnishedby creditors, including if you file for bankruptcy, get a divorce, or are in a civil lawsuit. It's important to consider these circumstances ...
Ways to Protect Your Retirement in a Divorce The first step in protecting your retirement assets is to know the rules that govern your retirement plans. Most plans and accounts have specific procedures that must be followed when dividing retirement assets in a divorce. Failure to follow these rul...