Three things you should do to protect your assets during your divorce

On Behalf of | Jan 20, 2016 | Divorce, High Asset Divorce |

For couples going through a divorce, their immediate concerns often focus on getting things finalized as soon as possible. They simply want to move forward with their lives. However, it is important these couples understand that this is a serious process, and they need to know the impact that these decisions can have upon their financial future.

There are several things that a person can do to ensure that they are not financially ruined by their divorce. This posting provides essential information that you can use to prepare for the changes you are about to experience.

1. Close any joint accounts you may have

You and your spouse may have accounts where your paychecks are directly deposited. You may have credit cards together that either spouse may use. If this is true in your situation, you need to close these accounts before taking any action.

If you fail to close these accounts, your spouse will have access to all of the money in your bank account. He or she could withdraw this money and make things impossible for you. Additionally, he or she could decide to use the cards for a shopping spree. You could be held responsible for these charges.

2. Work with experts to determine the full value of your assets

Do you own retirement accounts? Do you own a business with your spouse? Do you own a home or vacation property? Each of these items has a specific value. It is likely that you have no idea what these things are currently worth. If you go into your divorce without having a clear picture of your finances, you may make poor decisions during the process that reduce the amount of property you are entitled to receive.

Forensic accountants will be able to evaluate your situation and determine the value of these items. This information can be used to find the right property division settlement that allows you to maintain your current standard of living.

3. Talk to an experienced divorce attorney

You might have talked about your upcoming divorce and received some information about what to do to protect yourself during the process. You need to know that no matter how similar your situation may seem, your divorce is going to be significantly different from those of your friends and relatives. The advice that they give you may apply perfectly to their situation, but it will do nothing to help you protect your assets as things move forward.

An experienced family law attorney will provide you with solutions that are focused on your specific case. You will know exactly what you need to do to prepare for the divorce process. You will also learn how to ensure that you emerge from the divorce in a positive financial place. The decisions that you make at this time matter, so make sure you understand what you must do to protect your family after your divorce is final.