A major concern for divorcing spouses is, of course, their finances. Inevitably,
your assets and property will end up on the property, but there are still
some steps you can take to protect any separate property or assets and
ensure you do not lose more than is fair. However, you need to start planning
now, before the ball even gets rolling on the divorce process.
Here are some steps you need to consider taking to protect your assets
during the divorce process:
Close your joint accounts: If you have a remaining balance on any of your joint accounts, pay them
off, if possible, and then close them. The less debt you have in the divorce
process, the easier the process will be. If you cannot pay them off, however,
speak to your creditors and figure out if you can have your name removed
from the accounts. The remaining debt will still be split between you
and your spouse, but at least your spouse cannot incur additional debt
under both of your names.
Open your own bank account: Whether you are married or single, it is generally wise to have your own
personal bank account. If you do not, open a checking and savings account
at this time. If you end up taking any money out of a joint banking account
to deposit into your new personal account, inform your spouse. All marital
funds must be accounted for or it will seem like you are trying to hide
marital funds, which will get you into trouble.
Set up a PO box: Since you are going to open up your own bank account, you will want your
information sent to an address where it will not be intercepted by your
spouse, so open a PO box to ensure none of your mail ends up in the wrong hands.
Account for your valuables: If you and your spouse have a lot of valuable items, such as art, furniture,
or jewelry, you need to account for them. If you are afraid your spouse
might try to sell or hide them, you can remove them from the home, but
be sure to make a list of anything you take to ensure they are accounted
for. Otherwise, the court will assume you were trying to hide marital
assets. Additionally, you should never sell any of the valuables you take.
Once your divorce settlement is finalized, you can sell anything you received
in the split.
Schedule a Consultation with a Skilled Divorce Attorney Today!
If you are concerned about your
assets and what will become of them during the divorce process, you need to hire
an experienced divorce attorney who will help you safeguard them. At the
Law Office of Kathryn Marteeny, our legal team is backed by over 30 years
of experience and a reputation for success, so you can rely on us to effectively
Contact our law office today at (713) 936-2300 to request a consultation!