7 Tips To Protect Your Assets When Divorce Is Imminent
When it seems divorce is around the corner, action must be taken before the Summons is served. On the back of the Summons there are Restraining Orders with several prohibitions, including not changing insurance policy beneficiaries, disposing of any property whether separate or community, transferring any funds, and creating or modifying a non-probate transfer that effects the disposition of property without written consent of the parties or order of the court. Violation of this Restraining Order can result in a fine or imprisonment. Therefore swift action must be taken.
(1) – Create the irrevocable trust or office shore trust account, if you have not done so already.
(2) – Notify the life insurance company, if you want to select a new beneficiary for your policy.
(3) – Open a new bank account and place your new payroll check in this account.
(4) – Make copies of your spouse’s bank statements for the past 3 months.
(5) – Make copies of both parties’ latest pension, defined contribution, and 401(k) statements.
(6) – Prepare a video or take photos of all separate property in the family residence.
(7) – Prepare a video or take photos of all community property in the family residence.
Is Divorce Imminent or in Your Near Future?
If you own valuable assets, property or a business, your divorce filing will be more challenging. San Diego divorce attorney Paul Ryan will work closely with you and fight to get/keep your desired marital assets. He will help you organize your finances and make sure that you are set up for long-term financial success.
Ryan Family Law Group offers a free consultation to all potential San Diego divorce clients. We will go over your case details and determine if alternatives to divorce, such an annulment, are possible. You can schedule your free consultation by calling us 858-222-6600, texting us or by emailing us.
Here are our 7 expert tips for protecting your assets during divorce:
1. Consult with a Trusted Attorney
One of the most important steps to protect your assets during divorce is to consult with an experienced and trusted attorney. A good attorney can help you understand the legal implications of divorce, including how to protect your assets, and can represent you in court to ensure a fair settlement.
2. Gather and Organize Your Financial Records
To protect your assets during divorce, it’s important to have a clear and accurate picture of your financial situation. This means gathering and organizing all financial records, including bank statements, tax returns, investment accounts, and any other financial documents.
3. Consider a Prenuptial or Postnuptial Agreement
A prenuptial or postnuptial agreement is a legal document that outlines how assets will be divided in the event of a divorce. This can be a useful tool to protect your assets, particularly if you have significant assets or own a business.
4. Be Careful with Joint Accounts
Joint accounts can be a tricky issue during divorce, particularly if one spouse withdraws funds without the other’s knowledge or consent. To protect your assets, it’s important to monitor joint accounts closely and be cautious about how you use them.
5. Keep Your Inheritance Separate
If you received an inheritance during your marriage, it’s important to keep it separate from marital assets. This means not commingling the inheritance with other funds or using it to purchase joint assets.
6. Be Careful with Gifts and Loans
If you lend money or give gifts to your spouse during your marriage, these can be considered marital assets and subject to division during divorce. To protect your assets, be cautious about lending money or giving gifts during your marriage.
7. Understand Community Property Laws
If you live in a community property state, it’s important to understand how these laws may affect your assets during divorce. Community property laws generally divide assets acquired during marriage equally between both spouses, so it’s important to understand your rights and obligations under these laws.
In conclusion, protecting your assets during divorce requires careful planning, organization, and a clear understanding of the legal implications of divorce. By following these expert tips and consulting with a trusted attorney, you can help ensure a fair and equitable settlement that protects your assets and your future.