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How Can I Protect My Assets During Divorce?

How Can I Protect My Assets During Divorce?

During a divorce, your assets and property will end up on the chopping block and you are likely worried about losing much of what you have worked incredibly hard for. Do not let these fears drive you to partake in any behaviors that could land you in hot water. Instead, hire a skilled legal advocate to guide you through this process and learn more about the steps you can take to safeguard your future.

Here are some steps you can take to protect your assets throughout the divorce process:

  • Open up a personal bank account: If you do not already have a bank account that is in your name alone, now is the time to open up a savings and a checking account in your name. Of course, let your spouse know when you do and let him or her know how much money is being deposited into these accounts. The reason why you must inform your spouse of this is to avoid being accused of hiding marital assets. Generally, it is best to hold off on filing for divorce until you have enough money to cover legal expenses and living costs for about three months.
  • Pay and close out your joint credit accounts: Whether you have a Macy’s card or an American Express, make sure you close all joint accounts. If you can, pay off your debts. If any debts remain, they will be split during the divorce process. However, the fewer debts you have to deal with, the easier it will be on both parties.
  • Legally protect items of value: The keyword here is “legally,” of course. You cannot hide any valuable items that were purchased with marital funds. However, if you are afraid your spouse will sell them or hide them, remove them from the home and keep a detailed list of each item, so everything is properly accounted for. You might not necessarily get to keep them all, but you can at least make sure nothing will go missing or get sold without your knowledge.
  • Do not rack up new debt: You are going to lose some assets and property as a result of your divorce, so now is not the time to rack up new debt. You need to do what you can to save money for a better future instead of one that is full of overwhelming credit card debt.
  • Set up a PO Box: Since you will be opening new accounts, you do not want your banking information going to the mailbox you share with your spouse, so be sure to set up a PO Box to keep your personal information separate.

Schedule a Consultation with an Experienced Attorney Today!

If you are in the midst of a divorce, you need a skilled divorce advocate on your side to help protect your assets and property. At Friedman & Friedman PLLC, Attorneys at Law, our team is committed to helping individuals navigate this complex process, so they can achieve the new beginning they deserve.

Call us today at (914) 873-4410 to schedule a consultation!