How To Protect Your Assets In A Divorce
July 15, 2022
When you’re going through a divorce, protecting your assets is one of the most important things on your mind, which is why it’s a good idea to hire a divorce lawyer in Tacoma, WA. In fact, you might even be wondering if you should hire an attorney to help you with asset protection during your divorce. Rest assured that you have many options in terms of protecting your assets while you’re going through this difficult time in your life. If you’re looking to protect your assets during a divorce and ensure that no one takes away what’s rightfully yours, here are some tips to help you get started from our friends at Robinson & Hadeed.
Step 1: Review all Assets
During your divorce, there are two things that should be at front of mind: protecting yourself and managing your emotions. The latter is easier said than done — especially when you’re dealing with high levels of stress. However, taking some time to review all assets — from bank accounts and credit cards to vehicles and real estate — will go a long way toward protecting your interests.
Step 2: Keep Accurate Records of All Income
In your personal records, keep copies of any documents that show where you work and how much you make. In your business records, keep copies of income statements, bank statements and tax returns. Both spouses should retain these documents as they may become evidence during divorce proceedings. If it becomes necessary for the court to order one spouse to pay spousal support or child support, then this documentation will be used by the court to determine the appropriate amount of support. If there is no documentation available or it is incomplete, then the court will use other methods such as past earnings or career potential to calculate an appropriate level of support payments.
Step 3: Separate Business Funds
Unless you’re planning on working together at some point, there’s no reason your personal and business funds should ever be intertwined. Keep them separated, preferably in different accounts. It’s also important that you keep your business funds separate from any jointly owned assets. It can be difficult (and awkward) to explain why you have a personal account with $50,000 in it while your spouse has an empty bank account — the joint one!
Step 4: Get Financial Advice if Needed
The road from divorce can be rough on your bank account. If you and your spouse have substantial debt or assets, you’ll need advice from an attorney familiar with how divorce law works in your state. When choosing an attorney, make sure he or she has experience handling divorce cases similar to yours. You’ll also want someone who has served as a court-appointed mediator for other divorcing couples. These professionals will know how to negotiate fair settlements between spouses while also protecting their client’s interests. They may also know of resources like affordable legal aid that can help you keep your costs down when it comes time to settle out all the details of property division and child custody.
Step 5: Consider Consulting a Lawyer
Seeking an attorney’s advice can help ensure that you’re not leaving anything out. A professional can also tell you if your situation is unusually complex — such as if you and your spouse own a business together — and whether it might make sense to consult with an accountant or financial planner. Not sure where to start? Try asking trusted friends, colleagues, or family members for recommendations. Or check with local attorneys for their insights on top lawyers in your area, and contact one today for help.
