Guarding Your Assets During Divorce

 Posted on June 13, 2018 in Family Law

The division of assets in a divorce is supposed to involve equitable gains and losses for each side. However, a financially savvy spouse may try to take advantage of you. There are legal means of doing so, such as having a better understanding of which properties may grow in value. There are also illegal means, such as hiding marital assets that should be accounted for during the divorce. You do not need to view your spouse with outright suspicion, but you should be cautious and aware of ways you can protect yourself.

Gaining Knowledge

Some marriages rely upon one spouse handling all of the finances. If your spouse serves that role, you may be at a disadvantage during your divorce. You must make yourself more involved in your marital finances. You have a right to know:

• The value of your monthly expenses;
• How much money your spouse makes;
• Investments that your spouse has made; and
• The various properties that your spouse has purchased during your marriage.

You may need to consult a financial advisor if you are unsure of what information you need to know and how to understand it.

Shared Accounts

Once the divorce has started, your joint financial accounts must be frozen so you can divide the money as marital property. It may be prudent for you both to move some money from the joint account into your personal accounts if you believe you may need that money before your divorce is completed. However, you should not remove that money without informing your spouse, and the amount you remove should not be more than half of what is in the account. You must keep track of any withdrawals your spouse makes from the account. Some spouses will sneakily remove large sums from a joint account before it is frozen and not report it as marital property.

Property Inventory

You must be quick in identifying the properties you and your spouse own. Some properties will be non-marital because they were purchased before your marriage or kept separate from your marital finances. However, your spouse may also try to hide marital properties in hopes that you will overlook them. Even if he or she would likely keep the properties during the divorce, counting them as marital properties will ensure that you receive equitable value in other properties.

Monetary Advice

You are not expected to figure out on your own all of the financial aspects of your marriage. A Kane County divorce attorney at Geneva Family Lawyers can identify the important financial details you will need to know. Schedule a free consultation by calling 331-588-6611.

Source:

http://www.businessinsider.com/how-to-protect-money-divorce-2017-1