How can I protect assets in a divorce?

In Maryland, there are several steps you can take to protect your assets in a divorce. First, it is important to create an inventory of all of your assets and liabilities and to keep records of these documents. This can help you in the event of a dispute over assets. Second, you can enter into a prenuptial or postnuptial agreement. These agreements can help determine who owns which assets prior to and after the marriage, and can be useful in protecting your assets in a divorce. Third, you can open separate bank accounts for financial transactions. This can help to keep assets separate, so they will not be subject to division during a divorce. Fourth, you can move assets to your own name. This can include transferring the deed to a house, putting a car in your own name, and transferring investment accounts to your own name. Finally, you can opt for a lump sum settlement. In this case, your ex-spouse would agree to take a sum of money, which is the combined total of all of your assets. The lump sum settlement could help protect your assets from being divided in the divorce. By taking these steps, you can help protect your assets in a divorce. It is important to seek legal guidance before entering into any agreements or transferring any assets, as the regulations and laws governing divorce vary by state. An attorney can help you understand your rights and help you make the best decisions for your particular situation.

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