You should always be as prepared as possible for any problem that might arise before it happens, which includes having an exit strategy that leaves your assets protected. The higher the value of your assets, the more important this becomes, even if you are not contemplating a divorce.
The Golden Standard
Having a prenuptial agreement is the gold standard. The “prenup” document lists all of the assets owned by the couple and states how they wish these assets to be handled in the event of a divorce. A prenup is not only used to protect your premarital assets. Say you have a child from a previous union, and you want to make sure part of your assets are transferred to them in the event of your death, without a document stating as much, your assets might end up going to your spouse instead. Premarital contracts can help avoid arguments and offer clarification if a separation occurs.
Protecting Yourself Beforehand
You may or may not be planning a divorce, but for your peace of mind, you should know how to financially protect yourself in marriage. Evaluate all property, both separate and community property; this will give you a broad picture of what your financials look like and what they will be like after divorce. The court will consider factors like the length of the marriage, the standard of living while married, age and health of the spouses, as well as their earning and income potential and financial requirements of any children involved.
Be on the lookout for fraud, while no one likes the idea of their spouse being underhanded, it just might be that he or she is committing fraud to hide assets and leave you with the short end of the stick.
Make sure you have a copy of all the financial statements, tax returns, and any other business documents, trusts, wills, and anything related to the community assets.
Protecting Your Assets During a Divorce
At this point, you know the divorce is happening, you need to know how to protect yourself while getting divorced. If you can avoid it, do not file for divorce until you have enough savings to live for a few months and cover the attorney fees. You may want to ensure you have control or access to half of your joint liquid financial accounts. Given that all assets you have acquired during the marriage belong to the community, you should not sell any valuables for quick cash, as doing so could result in having to pay back half of the proceeds during the settlement.
Make sure you have a copy of credit reports, know not just what your credit looks like but what your spouse’ is like as well. Document everything. If you have not taken care of the bills during the marriage, it is time you pay attention to what is spent and how much money comes into the household.
Consult An Experienced La Jolla Divorce Attorney
Divorce is difficult. Know your rights to make informed decisions. Protect yourself, your children, your property, and your future. Choosing the right La Jolla divorce lawyer can ensure you protect and preserve what’s most precious to you and your family. See how Neumann Family Law, APC can make a difference. For a complimentary consultation with a La Jolla divorce attorney, call 619-282-1107 today or complete our online contact form.
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