You’ll deal with a variety of concerns as you prepare for divorce, with those associated with your assets and finances at the top of the list.
It’s clear to you that your assets are at risk if you divorce. But what may not be clear is the steps you can take to protect them.
Here are some things you can do to not only protect your assets, but to also give you some peace of mind as you work through your divorce.
- Review your prenuptial or post-nuptial agreement: If you have one of these, review it in great detail to better understand the impact it will have on your finances in divorce. For example, it may include a list of assets that are not subject to division.
- Create an asset division checklist: This is a list of all the assets you own with your soon-to-be ex-spouse. It includes things such as bank accounts, retirement accounts, family home, motor vehicles, antiques, electronics and business interests (and that’s just a small sampling).
- Determine which assets are separate: Not every asset is subject to division in divorce. You may own some on your own, which you can then keep if you dissolve your marriage. For example, if you’re the sole owner of the family home, it’s not subject to division, as you’re the one who purchased it and your ex’s name isn’t on the deed.
- Watch for hidden assets: Your ex may attempt to hide assets from you and the court, as they don’t want to divide them with you. Some assets are easier to hide than others, such as cash, jewelry and other personal valuables. Should you suspect that your ex is hiding assets, dig around to make a final determination.
Since your assets are at risk in a divorce, it’s critical to take these steps to protect yourself.
Divorce is difficult enough. You don’t want to make mistakes during the process that affect your finances in the future.
When you protect your legal rights, you’re more likely to set yourself up for success once your divorce is finally behind you.