Protecting your assets is a critical effort, both for your protection now and in the years to come. While it is impossible to predict the future, you may feel that a divorce could be a major threat to your financial future. Fortunately, with a strong estate plan and asset protection plans in place, you can have security in the years ahead.
By utilizing both traditional and newer methods for asset protection, you will be less likely to suffer financially or lose your hard-earned assets in a Nevada divorce. The effort to protect your assets is not something that is necessary only for the wealthy, but can be a smart and practical endeavor for individuals of any income level.
How can I protect myself?
There is no cookie-cutter solution for asset protection planning. It is important to carefully evaluate your goals, your needs and both your legal and financial objectives. For many people, the following types of protection can provide great benefit in the event of a financial upheaval such as a divorce:
- Prenuptial agreement: Few people entering a marriage want to think about the possibility of it ending at some point in the future, but a prenuptial agreement can provide significant protection for some of your individually owned assets.
- Limited liability company: Organizing a LLC could be a beneficial step for you if you own rental property, or are a doctor, lawyer or business owner. This would separate your personal property from business-related property, thereby shielding you from catastrophic losses in the event of a divorce.
- Other types of protection: There are other ways that you may be able to protect your assets. Some of these may include postnuptial agreements or establishing a trust.
The protections that you need depend greatly on the details of your individual financial situation. You would be wise to seek a knowledgeable opinion regarding the protections available.
Protect yourself now and in the future
Having the necessary protections in place can greatly benefit you both now and in the future. By making the effort to shield yourself from significant and unnecessary asset loss in case of a contingency, you can save time, money and stress.
You have no time to lose in ensuring that you have measures in place that will ensure the full protection of your interests. You may find it helpful to fully explore the various asset protection options available to you, identifying the choice that will provide you the most benefit.