Protecting Your Assets in a Complex Divorce

 Posted on September 04,2014 in Complex Divorce

It is a common scenario for couples who are facing a divorce: after years of being married and working together to pool resources and plan for retirement, a divorce leaves you suddenly looking at those golden years with half of those resources—possibly more—gone. Protecting your assets in a complex divorce case can be crucial for you financial future.

In a survey that was done by the National Foundation for Credit Counseling (NFCC), 25 percent of the married participants said they would keep financial secrets from their spouse. How would your spouse answer that question?

It is important to know what your spouse's financial picture looks like. Ideally, this should be done before couples marry, but that is not always the case. In many high asset divorces, it is often necessary to hire a forensic accountant to uncover assets your spouse may be hiding.

Negotiations in complex divorces can sometimes turn ugly, which is why it is important to have an aggressive divorce attorney protecting you. There is no predicting what an angry husband or wife may to do financially hurt his or her spouse. If you have assets of your own to protect, financial advisors say you should consider keeping your assets separate from your spouse's by maintaining separate bank accounts and credit cards.

Although these accounts may be in your name only, the courts could consider the money deposited during the duration of the marriage as jointly owned by both you and your spouse. The same is true for any debt either spouse occurs on credit cards. Keep detailed records of what you earned and what you spent.

Any property you and your spouse purchased during the course of the marriage should be in both your names. Property such as houses, cars and boats should all include your name on the deeds or titles. If you are planning to ask your spouse for a divorce, make sure your name is on all property. It can make negotiations of complex property divorce litigation a little easier.

Make sure you have records of all financial documents. These include tax returns, investment accounts, 401(k) accounts, stock portfolios, deposit accounts, life insurance policies, and home appraisals. Having statement copies and receipts to present to the court will help demonstrate your fair share of the marital estate.

If you are considering a divorce where there will be high asset issues, it is critical to contact an aggressive Round Rock complex divorce attorney to begin planning and strategizing to ensure you receive all that you are entitled to in your divorce settlement. Protecting your assets is essential. Call us today at 512-610-6199.