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New York residents may wish to protect against property division

Planning for divorce as individuals get ready to marry may seem like the wrong approach. However, this type of planning may actually prove practical as New York residents can protect themselves from potential pitfalls that could come along with property division and other proceedings if a divorce takes place down the line. This preparation does not mean that individuals expect their marriages to end, but some would rather be safe than sorry.

When considering ways to protect assets, parties may be particularly concerned about inheritances and real estate. Luckily, individuals can create separate accounts to keep any inherited funds from being commingled with marital assets. As a result, those inheritances may be better protected, and a person may face a lesser risk of losing funds to an ex-spouse.

When it comes to real estate, keeping that property separate is relatively simple. An individual may wish to keep the deed to the property solely in his or her name rather than adding a spouse's name. If this action sparks concern over whether a spouse would obtain the property in the event of the owner's death, the owner could utilize an estate plan to leave the property to the spouse. 

As mentioned, preparing for the possibility of divorce does not doom a marriage. Protecting assets from property division may simply ensure that an individual will remain in control of his or her assets should the marriage come to an end. Therefore, interested New York residents may wish to discuss their concerns and desires with experienced attorneys to find out more information on protection options.

Source: kiplinger.com, "Strategically Thinking About Divorce", Andrew Bass, April 5, 2017

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