How to Protect Your Assets before You File for a Complex Divorce

 Posted on October 07,2014 in Complex Divorce

One of the most important steps you can take before filing for a complex divorce is to protect your assets. This is especially critical if you expect the divorce to be contentious, and involve complex property litigation and other high asset issues.

To begin, make copies of all important financial documentation and paperwork from the past five years. Keep the documents in a safe place where your spouse will not be able to access them. Be sure to collect records of any bank accounts, investment portfolios, mortgage payments, retirement accounts, credit card statements, insurance policies, and income tax returns. Also, make copies of deeds to all properties owned by you and your spouse, as well as copies of titles to any vehicles and boats. These documents will help your attorney prepare your financial affidavits, as well as provide an accurate record of all the assets that make up the marital estate.

If your spouse has been the primary breadwinner in your marriage, you will need to establish credit in your own name. It is best to begin that process before you begin the divorce process. Open up a savings account and a checking account in your name only. You should also apply for credit cards in your name only.

Next, when you are ready to file for divorce, you may want to withdraw half of all the funds that are in your joint bank accounts as a way of financially protecting yourself. Leaving the funds in the account may provide an angry spouse with the opportunity to withdraw all the funds, leaving you with no assets. This is something you can further discuss with your high asset divorce attorney.

Go through all of your personal items and catalogue those of value that were yours before you were married, such as heirlooms or other gifts of value. Try to obtain proof that these items were given to you and did not come from marital funds. It is also a good idea to photograph these items and move them to a safe place, away from your home, where your spouse will not have access to them.

Additionally, an essential step you can take to protect your assets in a complex divorce is to hire an aggressive high asset divorce attorney. If you are planning a divorce, contact an experienced Leander complex divorce attorney to discuss what options you may have and the steps you should take.