Divorce Guide

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How to protect your assets during a divorce ?

Assets protection during a divorce is a very important thing. Many divorces become messy because the couple does not agree on the distribution of assets. The divorce process is lengthened and a lot of time and money is wasted on debating who gets what and why. You cannot go to the courts every day to agree on every single asset and how to share things. This can be prevented if you are smart and fast about certain things.

You can follow some simple steps to help keep the financial end of things clear.
  1. Make a list of all the investments, income, assets and debts.
  2. Include all the stocks, certified deposits, bank accounts, credit cards and all the loans.
  3. Make a note of all the changes in existing accounts or while opening new accounts.
  4. Inform the creditors and others of your impending marital status.
  5. Cancel all joint accounts in banks, credit cards, etc.
  6. While you cancel the joint accounts, it will help if both of you go instead of doing the cancellation single handedly.
  7. Change the beneficiaries on insurance policies, investment plans, retirement policies, etc
  8. Update your will and the beneficiaries.

You can have a civil discussion with your spouse regarding the division of assets. You can agree to work out the who gets what and how much instead of quarrelling and making matters worst.

You can take help of property evaluator and get the assets evaluated. Make sure the evaluator is excellent and reliable. It may help if you choose a new evaluator instead of the one you have since you were wedded. If you go for a new professional evaluator, you may be sure of fair judgment and can get a correct value of the present property. This evaluator may be considered to be free of bias and can be allowed in the courtyard.

It is good to have a professional evaluator, there should be a defined who owns what before you start a divorce proceedings. All this is to be done by both the spouses and it will save a lot of time as you agree on the assets. It will also save a lot of your hard earned money which can be used for better things. You can have a fair distribution of assets during your divorce. It is good if you can document the decisions you have reached with your spouse. This will help in your divorce and you can produce it in the court if the need be.

Community property is the property you own with your spouse, jointly. Make a list of such property with your spouse. It will help if the two of you discuss these things before the property sharing part of the divorce comes. You two can take pictures of such property and can use it in the court if the need arises.

You can also take help of an estate planner. A professional financial divorce advice lawyer can also help in matters of asset protection during a divorce. He may also advice you to sell the assets and share the income of this sale.

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