It’s an often-quoted fact that almost 50% of marriages in the US end in divorce. But until you go through it yourself, you don’t realize how difficult and emotionally draining the process can be. Not only do you have to deal with mental anguish, but protecting yourself during the process is important. Protecting assets is a crucial part of a divorce, and knowing the right steps to take is essential.
This article will discuss the key aspects of protecting your assets during a divorce, such as separate assets, money, property, and working with a divorce attorney.
Understanding Separate and Marital Assets
During a divorce, it’s essential to know the difference between separate and marital assets. Knowing this distinction will help you protect your separate assets.
Separate assets are those that you owned before getting married or those that you received as a gift or inheritance during the marriage. Marital assets are those that you and your spouse acquired together during the marriage.
Keep in mind that laws vary by state, so consulting a divorce attorney is crucial to ensure your separate assets are protected.
Organizing Your Financial Records
Properly organizing your financial records is an essential step in protecting your assets during a divorce. Here are some tips to help you with this task:
- Gather all your financial documents, such as bank statements, tax returns, and investment accounts
- Make copies of all important documents, especially if you share accounts with your spouse
- Create a detailed list of your assets, including their values and dates of acquisition
Working with a Divorce Attorney
Hiring a professional divorce attorney is a wise decision when it comes to protecting your assets. A skilled attorney will guide you through the legal process and help you make informed decisions. They can also help you negotiate with your spouse and reach a fair settlement.
Remember, a divorce attorney is an investment in your future. Their expertise is invaluable during this challenging time.
Closing Joint Accounts and Opening Separate Accounts
One of the first steps in protecting your assets during a divorce is closing joint accounts and opening separate ones. This step is crucial to ensure your money is safe. Plus, you can prevent your spouse from accessing your funds without your knowledge.
Be sure to inform your spouse of your intentions and document all transactions made during this process.
Dividing Property and Debts
When it comes to property and debts, dividing them fairly can be a complex process. Here are some points to consider:
- Try to negotiate with your spouse and reach a fair agreement
- If you can’t agree, a court may decide how to divide your property and debts
- Your divorce attorney can help you navigate this process and ensure a fair outcome
Protecting Assets Is Essential for a Smooth Divorce
Protecting assets during a divorce is a vital aspect of ensuring a smooth process and safeguarding your financial future. By understanding separate and marital assets, organizing your financial records, working with a divorce attorney, and properly managing accounts and property, you can protect your assets and move forward with confidence.
If you need help with your divorce and protecting your assets, contact us at Miller Zeiderman LLP. Our trusted, responsive, and professional divorce lawyers are here to support you through this challenging time. Don’t hesitate to reach out for the guidance and assistance you deserve.