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Consider this creative way to protect pre-marital assets

| Apr 12, 2021 | Firm News

Prenuptial agreements are often sticky points for couples wanting to get married in Florida. Some people who have considerable assets may want to forego a prenup because they won’t want to reveal what they own. However, those who don’t want to reveal what they own have a simple solution: Don’t own those assets at the time you create the agreement. However, there are a few other methods to help protect pre-marital assets.

Place some assets in a trust

One of the key ways to protect your assets in a potential divorce is to place some of your assets in a trust before you negotiate the prenuptial agreement. Florida is a no-exception creditor state, which means that you can put assets in an irrevocable trust or an annuity. Technically, when assets are contained in these financial tools, you don’t own them. This tactic allows you to assign beneficiaries and even to allow the trust holder to assign future beneficiaries if you so wish.

Revealing Your Assets

With the assets you want to protect placed in a qualifying financial instrument so you can pass them on, you can draw up your prenuptial agreement without worries. Placing your assets out of view of your spouse is a perfectly legal way to manage your wealth. However, a financial planner may not necessarily offer this kind of advice.

Exploring Options With an Experienced Attorney

When it comes to protecting your assets in a pre-nuptial agreement, it’s wise to talk to both your financial planner as well as an experienced divorce attorney. Finding other, creative ways to protect your premarital assets if a divorce ultimately does occur is the savvy way to manage your wealth. By talking to a legal professional, you will get a different, legal viewpoint about what you can accomplish. Remember, the goal is ultimately not to hide your assets but to protect them for future use.