Getting a divorce is almost always a challenging and stressful experience for everyone involved. On top of the emotional toll it may take, the process of getting a divorce can have a catastrophic impact on a person’s money and assets, particularly when it comes to high-value assets such as real estate, equities, and retirement funds. In this article, we’ll discuss a few different ways to protect your assets in the event that you and your partner decide to divorce.
Find a Qualified Lawyer
Especially when it comes to identifying your partner’s possessions, carrying out the aforementioned steps might be a challenging endeavor. An expert divorce attorney can utilize the court system and other tools to identify and accurately assess any assets your partner is trying to hide or undervalue. A good divorce lawyer, like the ones at geronadv.co.il, may also help you get a larger share of the marital estate. Divorce is an emotionally and psychologically taxing process for both parties. It’s preferable to let a lawyer handle the legal aspects of your case while you focus on getting over the situation emotionally.
Don’t Get Rid of Your Property or Make Any Changes to It
When the word “divorce” is used in a marriage, one spouse may feel pressured to liquidate assets and alter the names on property titles, bank accounts, and insurance policies. Don’t do this, since it might reduce the property you get to retain after the divorce. The law makes it illegal to sell, transfer, conceal, or change the title to any joint or separate property after a divorce petition has been filed. This is why time is essential when creating a trust to shield assets during a divorce. The court may decide to give you less property in the divorce if you violate this norm of family law.
Use a Trust or Prenuptial/Postnuptial Agreement Right Away
If you want to safeguard your assets from your partner in the event of a divorce, the optimum time to do so may have been before or during the marriage. A prenuptial or postnuptial agreement might help you and your partner distribute your assets more fairly in the event of a divorce. To safeguard property in the event of a divorce, you and your partner may establish a trust. However, if a divorce is in your future, you should exercise caution before establishing a trust. Putting money in a trust shortly before filing for divorce might appear like an attempt to conceal wealth.
Keep Accurate Records
Maintaining accurate records is essential if you ever find yourself going through a divorce and want to protect your financial interests. A conveniently accessible file system is recommended for storing important documents such as tax returns, statements from investment accounts, and bank account statements, among others. This will make it easier for you to provide your partner and the court with comprehensive and accurate financial information throughout the divorce process. Keeping detailed records may also prevent you from having the worth of your assets misrepresented or reduced throughout the process of dividing property following a divorce.
Keeping your assets protected throughout a divorce is essential to ensuring your financial stability when the dust settles. Divorce is a stressful and emotional time, so it’s important to have legal representation to help you sort through your options and divide your assets fairly. In order to safeguard your assets against future disagreements, you should first make an inventory of any joint property. Don’t let misrepresentation of assets during the division process prevent you from keeping accurate records of all financial transactions and vital documentation. By being prepared in advance, you can preserve your hard-earned assets and confidently handle the complications of a divorce.