How To Protect Your Assets When Getting A Divorce

How To Protect Your Assets When Getting A Divorce

One of the biggest causes of contention among parties filing for divorce is how their assets are to be divided. And people hire best divorce lawyers t

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One of the biggest causes of contention among parties filing for divorce is how their assets are to be divided. And people hire best divorce lawyers to secure more assets. Follow these tips to safeguard your finances before the divorce and avoid battling it out in court.

Open Bank Account in Your Own Name

Divorce proceedings can be an expensive endeavor and therefore you will need money, separate from your marital finances, to pay for it. This means having both checking and savings accounts in your name.

Close Accounts with Joint Access for You & Your Partner

You can either withdraw your portion and have your name removed from these accounts, or close them down outright. Another choice is to have the deposits in the account be secured by requiring signatures from both holders for a transaction to go forward.

Make Sure That Your Valuables Are Protected

If there is risk that your spouse may destroy or hide valuables in your possession, you may have them transported elsewhere, but make it known to the other party, as hiding personal possessions can be taken against you in the court of law.

Avoid Taking on Any New Debt During Divorce Proceedings

This goes without saying, however there are still many people who incur even more debt while their divorce is underway, thinking they’ll be able to pay it off later with compensation money. But keep in mind there is no guarantee if or how much compensation you will get.

Obtain Credit Reports for Both Yourself & Your Spouse

Before going your separate ways, you must get your credit score in order and that means getting both you and your spouse’s reports in hand so you can figure out who is responsible for any negatives and what you can do to improve your situation.

Direct Confidential Mail to A Post Office Box

Once you have filed for divorce, you don’t want important bank details and credit information getting in the hands of your spouse, on the off chance that they may misuse it to get funds out in your name.

Have A List of All Your Possessions

Keep a record of everything that you have bought using your own personal funds after the marriage. If possible, take pictures and procure purchase receipts so as to establish your ownership of said items in court without doubt.

Make Sure You Have the Means to Make A Living

A lot of times, people, especially women who go into divorce, have no means to earn once they are on their own. This is why it is important to have skills that you can rely on and be self-sufficient before you file for divorce.

Be the Pant Wearer in The House

Most of the time, one of the parties in the house, usually the one who is the breadwinner, is also responsible for managing house finances. They are the only ones who are aware of how much money is coming into the house and going out in expenses. If you are not that person, it’s time to take matters into your own hand.

Make Sure to Avoid Using the Word “Alimony”

If all goes well with your divorce, you will most likely receive financial compensation from your spouse, but make sure that this money is not labeled as “alimony” in any of the divorce agreement papers, as alimony is considered as income and is subject to federal and state taxes.

Going through a divorce is a stressful ordeal, and if the reasons things have come down to it are because of financial troubles between you and your partner, securing your assets is not going to be easy. But while you may have to make some compromises along the way, by following the above tips, you can still secure an outcome that is in your favor.

In times like these, having a trusted family lawyer Fairfax VA by your side, especially one that has the experience handling family finances can be a dealmaker. And while it may be hard while you are going through this ordeal now, remember that it will pass and soon you will be able to have a fresh start. Hopefully with significant assets in your name.