Property & Finances
How to Protect Your Assets during a Divorce
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| How to Protect Your Assets during a Divorce |
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When you are trying to protect your assets in the process of a divorce there are several things you should do first and foremost before anything else. Your first step should be to determine exactly what was given to you. This could have been as a gift, or even as a family heirloom or inheritance. Keep track of these assets and keep them separate from the marital property. Second step you need to take is to identify any community property or marital property of the marriage. This means any and all property that was jointly acquired. You also need to hire an appraiser to determine exactly how much the marital property is worth. Never just make an educated guess; you need an exact amount for the divorce process. Your last and final step in preparing is trying to determine exactly how you can split the physical assets, such as property and bank accounts, and even retirement funds. If there is property in your divorce that is quite small, such as expensive antiques or other small treasures, take a camera and start taking pictures. These pictures could prove valuable if your spouse tries to claim they never existed. If possible, an appraisal of these small items is also quite helpful as well. If you have, any personal items amongst these possessions try to move them to a secure location that your spouse cannot access such as a storage building. If you leave property in the marital home and you move out, your spouse can stake a claim to that property if you do not remove it within a very short period of time. This period is generally only 24-48 hours. After that time, you have given your spouse control. However, if you come home and left voluntarily you are allowed back into the home, even if the locks have been changed unless there is a court order barring you from the property. Any documentation you have of the marital assets, including stocks, bonds, CD, and anything else should be kept in a location away from the home. If possible, a safety deposit box comes in handy in this situation since your spouse will not be able to access the box. This ensures that the documents are safe and cannot be tampered with. If you suspect that your spouse is going to try to hide assets, try to acquire documentation on the assets that are easiest to hide first. Focus your attention on those then move to the other assets. While you may wish that, your divorce will not come to hiding assets it could happen if your spouse is shoved over the edge. In order to avoid the problem of playing find the assets, keep records of everything if you ever start to suspect marital problems. Also, if your spouse starts trying to move money around, ask the court for an order locking any financial accounts to keep the assets from disappearing. It will be difficult to obtain this order however, but if you are truly worried start making records of the assets. Never worry about contacting the judge before you start documenting the assets. Documentation is your best friend in this situation. If you do not have documentation, you will not be able to prove that assets have turned up missing. If your spouse starts taking off with assets then you need to be able to show exactly what is turning up missing and how much those missing assets are worth. Without information about what is missing and how much it is worth the judge will have no room to help protect you from the missing assets.
If you start suspecting that, a divorce is in your future you need to take steps to protect yourself. Never assume that your divorce will be peaceful. Those who fail to protect themselves are often the person who is harmed the most in the process of a divorce. Without adequate protection, there is nothing you can do. You should also try to keep records of the assets you have even during your relationship before trouble starts brewing. This will help ensure that you are as well prepared as possible. |
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