How can I protect my assets during a divorce?
How can I protect my assets during a divorce?
Divorce can be a very stressful time, especially if you have assets you are concerned about maintaining. While at first glance this might seem like an issue for the courts to handle, there are also a few steps you can take to protect your assets during a divorce.
One way is to enter into a prenuptial agreement before you get married. By doing so, you can ensure that your property will remain separate from your spouse's property. You need to have a lawyer help you draw up the documents for the prenuptial agreement and make sure it is signed before you get married.
If you don't have a prenuptial agreement, the state law of your home state will determine how your assets will be divided in the event of a divorce. It may be possible to divide property in a manner that makes both spouses happy, but this will depend on each individual case.
Another way to protect your assets during a divorce is to keep them in a separate bank account or other accounts with titles that have only your name on them. This can be done by setting up new accounts before you get married or by moving existing accounts into new names after marriage.
You also need to make sure that any assets you own are in your name alone. This should include your house, vehicles and retirement savings (if these assets are in both of your names, you might want to consider transferring them into your own name so that they aren't considered marital assets). This will help limit the amount that you'll need to pay as part of your settlement.
Also keep in mind that any debts you owe are in your name alone. This includes credit cards, student loans, and car loans. If you have any joint debts with your spouse, it's a good idea to get those repaid or transferred over into your own name before filing for divorce. You'll want to make sure that divorce doesn't leave you financially strapped, but even more importantly, you don't want all of the responsibility for these debts falling on one spouse after the divorce is finalized.
If you have any questions or in need an Asset Protection Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
