How can I protect my assets from divorce?

In New York, asset protection law can help protect your assets from divorce. The first step is to create a prenuptial agreement. This agreement should set out how assets are to be distributed in the event of a divorce. It should also include any specific assets that are to remain solely yours. Creating an LLC (Limited Liability Company) to own and manage your assets is another way to protect them from divorce. All assets owned by the LLC are owned by the LLC itself, not the individual. This means that any assets owned by the LLC are not subject to division of marital assets in the event of a divorce. Transferring assets to trusts can also protect them from exposure to a divorce. An irrevocable trust allows you to transfer your assets to a trustee. The trustee will hold and manage these assets and they are no longer legally owned by you, so they cannot be considered marital assets during a divorce. Finally, it is important to create a financial plan and stick to it. Keep a record of your income and expenses so that you understand where your money is going. Avoid joint accounts and jointly owned assets to limit their exposure to the divorce process. This will help protect your assets and provide some security.

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How can I protect my assets from divorce?

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