Posts Tagged ‘protect assets divorce’

The Top 3 Things To Do To Protect Your Assets Before Divorce

Friday, October 30th, 2015

1. Contact and work with a Certified Financial Divorce Practitioner: Some people think that when drafting a settlement offer for your upcoming divorce, that it is okay to consult their accountants or financial planner. The problem here is that, more times than not, these people are not well versed in divorce settlements. Therefore, you should consult a Certified Financial Divorce Practitioner, as they are certified in the financial aspects of divorce. They will explain to you the financial effects that accompany divorce settlements.

2. Open your own bank account: If you have your own, personal bank account that has existed since before your marriage, make sure to keep that money away from any joint bank accounts you may have with your soon-to-be ex-spouse. So long as this money is kept separate from any other money you have combined with your partner in a joint account, you are, by all means, the legal owner of said money when the divorce is all said and done. However, if you don’t have a bank account other than your joint bank account, it is imperative that you open your own account, and start putting money it. Unlike with a joint account, your partner cannot take out money for himself or herself if it is in an account under your name. And finally, if you do have a joint account, it is wise that you contact whatever bank account is in, and limit any possible access to this account. If you explain to them the situation, that you are currently in a divorce process, they can limit overall access to this account, and in doing so, it will prevent your spouse from draining the account for themselves.

3. Establish a date of separation: When you establish a formal date of separation, your partner cannot claim part of your income, nor any new asset you acquire with this income, as theirs. A good indicator of separation is if you move out of the residence you live in with your spouse. Although it can be hard to leave your home, it is important to establish a date of separation as soon as possible. This will show that you and your partner are no longer in a working relationship, which may help protect any income you earn from this point on.