Protecting Your Assets in a Divorce

Protecting the assets of people involved in a divorce case can be difficult but is not out of the question. The first step in protecting assets in a divorce is to consult with a divorce attorney regarding the assets already in hand. A divorce attorney can help to map out a plan regarding the divorce case and how to protect the client’s assets. The attorney chosen will know and understand the laws of your particular state that deal with the division of property in a divorce case. The person involved in the divorce case will need to gather all of their bank account information, pension information, investments, expensive items, the value of the home, the value of the vehicles and the value of any other large items the client owns. The client should also list all other assets and explain them so that the court knows what all of the marital assets are from the marriage. The next step includes securing deeds, vehicle titles, jewelry and other expensive collections and placing them in a safe deposit box at your local bank.

If you are in need of legal assistance with a Divorce, consult with a Divorce Attorney in your area to receive a free case review.

How Attorneys Help

In some instances, the other spouse in a divorce case might have already taken some property from the house. If this has happened then the spouse dealing with the divorce lawyer should make a list of all the property that has been taken. Once all of the property and expensive items are accounted for the client should then have them appraised to make sure that they are meeting fair market value. The next step of the process would be to remove all powers of attorney that the client has given to their spouse. Experts recommend that the client should also consider canceling any lines of credit that are joint accounts and closing any joint bank accounts as well. An attorney can also help their client obtain a restraining order so that their spouse does not take or spend any marital assets during the divorce process.

Protecting Assets

The easiest way to protect your assets during a divorce is to remove the property that is rightfully yours from the house to a safe place before you even inform your spouse that you will be filing for a divorce with the court. This ensures that the spouse cannot access your assets and take them from you. Another tip when getting a divorce to protect your assets is to not share a divorce lawyer with your spouse. Both sides should hire their own personal attorney for the case. Once all of the personal property from the marriage has been found and appraised the client seeking the divorce should examine the community property from the marriage. Community property includes the vehicles from the marriage. Make sure that there are no outstanding tickets on the vehicles that you own. Also, make sure that no liens have been placed on your jointly owned real estate. When filing for a divorce you should also be sure to not avoid your tax accountant. If you are still considered a legally married couple on December 31st of the tax year you should file a joint return. But if you are divorced by December 31st you should then file as head of the household if you so qualify.

If you are in need of legal assistance with a Divorce, consult with a Divorce Attorney in your area to receive a free case review.

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