Divorce Guide

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Protecting assets during a divorce

Divorce causes a lot of hatred and confusion. One during divorce is at a lost in regard as what to do, what kind of steps to take and what the outcome would be. Protecting valuables and assets during a divorce is extremely important for yourself and your future.

Protecting assets during a divorce-

Alteration or diminution of marital assets-

The main reason why dissipation of marital occurs is when one spouse either before the divorce proceedings or after the divorce proceedings conceals the marital property. The spouse to do such an action works to remove items from the house or even alters the business without the knowledge of the other spouse. Marital property is usually left drained when one empties the bank accounts or sells the property.

If you want a secure and a sound future for yourself and your children, you must move ahead and take steps to protect assets during divorce.

Steps to protect assets during divorce-

Asset protection-

The most suited manner, by which you can protect marital property from your spouse, is by doing so before the divorce proceedings begin. If you are the only owner of some items you can try and take the personal property to a safe area before informing your spouse. It would be tough to get the possession of personal property after your spouse gets hold of it or after your divorce is through. While in the process of removing your assets to safe location, make sure you only take what is yours or comes under your share of marital property. If you take what is not yours you can be accused of depletion of marital assets. If you have a joint bank account with your husband, you must freeze the account and open a separate bank account.

Protective order for property-

If you have not been able to take effective steps towards protecting your property before, you can do so on emergency basis. To protect your property on emergency basis you can seek a protective order for the property.

Solution for debauchery of marital assets-

In cases where your spouse destroys, hides or even spends assets before you are able to secure a protective order for your property or does so inspite of action taken, the court would help you in the same case. In such cases you can seek legal help, where the division of marital property would be mentioned in the divorce decree. The judge would thereafter take into account any assets that one party debauched and reduced that party’s share of the marital estate by wasting the amount. The same action would be of no use if an item has disappeared which had sentimental value for you. For example a heirloom jewellery item which you received as a gift which has vanished. You may receive the money back, but the sentimental value for the piece would not remain the same.

To avoid feelings of confusion and hatred you must have your assets planned before you get married. Simple steps taken towards asset protection can help you in the long run.

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