Protecting Family Assets
Many legal tools are available for keeping multigenerational assets intact and in the family. However, when improperly formed or maintained, these tools can become ineffective, leaving assets vulnerable to being split up or diminished during divorce. Preserving your family legacy from the threat of divorce requires taking proactive measures — preferably, before divorce appears on the horizon.
Keeping Separate Assets Separate
Kentucky law takes an equitable approach to property division. Both spouses’ assets must be valued and characterized as either marital or nonmarital.
Marital assets — those subject to division — include property obtained by either spouse during the marriage. Nonmarital assets include inheritances, gifts to one spouse and assets one spouse owned before the marriage. These assets are generally not subject to division. However, great care must be exercised before commingling any nonmarital assets with marital assets. In these situations, you must be able to thoroughly trace nonmarital assets, simplifying and visualizing the links for the court.
Developing Effective Strategies
At Burbank & Collins, P.S.C., we help clients create effective strategies for protecting their family assets from divorce. Lawyer Reneaux Collins draws on decades of experience in the niche area of high-asset marital law to provide intelligent guidance on the issues surrounding:
- Family partnerships
- Family-owned businesses
Prenuptial and postnuptial agreements often play a role in protecting family assets. However, sometimes those agreements are not in place or are rendered ineffectual. Other estate planning tools may be more effective for protecting your interests.
Even if you are not facing divorce, it is always wise to assess the state of your financial holdings, ensuring that multigenerational assets are properly shielded. Our attorney can help you put the right tools into place.