Protecting Your Assets During Divorce

 Posted on September 05,2018 in High Asset Divorce

Although ensuring that your assets are secure is one of the most important aspects of any divorce, it is especially true for those with substantial or unique property. Fortunately, there are a few simple steps that Texas residents can take to protect their assets, so if you are thinking about filing for divorce, it is critical to speak with an experienced high asset divorce lawyer who can explain your legal options.

Listing Your Assets

One of the most crucial steps that divorcing couples should take is determining which assets belong to whom. This is because Texas is an equitable distribution state, which means that only marital assets must be divided equitably upon divorce. Separate property, or assets that belong to one spouse alone, however, can remain in the sole possession of the original owner. For this reason, providing proof of when and how an asset was purchased is critical to the property division process. In fact, a spouse who can prove that he or she received a particular asset as part of a gift or an inheritance can retain that asset, even if it was obtained during the marriage.

Collecting Financial Statements

When listing assets, as well as how and when they were acquired, it is also a good idea for the parties to provide proof of ownership, which can include bank statements, titles, deeds, copies of mortgage documents, and retirement and life insurance policy information. Receipts, invoices, and copies of a will or trust document can also play an important role in demonstrating whether an asset qualifies as marital or non-marital property.

Setting up a New Bank Account

While most spouses are not vindictive to the point that they will steal from the other spouse, this can and does occur. In an effort to prevent any confusion over or wasting of marital assets, divorcing spouses may want to set up an account that is in their own name. This can help ensure that certain assets will be safeguarded from a wasteful spouse.

Hiring a Financial Adviser

One of the best ways to protect assets during divorce is to hire a financial adviser. Even though this may increase costs in the short term, it can end up saving you money in the long run. This is especially true in cases where one spouse is more financially sophisticated than the other. These specialists are also in a good position to help ensure that all financial needs, including household expenses, mortgage payments, and childcare costs are covered during and after divorce. Finally, financial advisers can make sure that no marital assets are hidden from or wasted by one spouse.

Call Today for Legal Assistance

To learn more about how state laws could affect your own divorce and the best ways to avoid costly mistakes, please contact one of the dedicated Leander high asset divorce lawyers at Powers Kerr & Rashidi, PLLC today. We look forward to addressing your questions and concerns.

Source:

http://www.businessinsider.com/how-to-protect-money-divorce-2017-1