It may have been a very difficult decision to come by, but with divorce increasingly common in Emerson, separating from a spouse is not something you will be going through alone. For some of the top-earners in Emerson, however, it may be especially difficult to file for divorce, in part because of the complex nature of dividing marital assets. Especially for those individuals who married after already making a name for themselves, keeping their money and property separate during a divorce is incredibly important.
Take, for example, individuals who inherit money or property; those are generally not assets that individuals want to share. So, what can be done to limit the access a spouse or ex-spouse has to them? It is important to keep all money in a separate account to which the other spouse does not have access. If it is property, putting the other spouse’s name on the deed will certainly make it jointly-held property and, thus, divisible in the event of divorce. It is also important not to use any inherited money to pay off joint debts, like a mortgage or a joint credit-card bill.
Of course, before two people get married, it may be wise to craft a prenuptial agreement that clearly lays out who owns what, whether it will become marital property or continue to remain individually held, and how assets should be divided in a divorce. Many people may be hesitant to pursue a prenuptial agreement, but more people are recognizing them as a practical and intelligent way to protect themselves from financial ruin in a divorce.
Protecting assets can be difficult and the more assets held, the harder it can be to protect them. It is important that anyone who is considering divorce to consult an experienced high-asset divorce attorney to figure out how to divide up the marital property.
Source: Forbes, “Divorcing Women: When You Earn More Than Your Husband,” Jeff Landers, April 10, 2013
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