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Ways to protect your assets in a divorce

Many Connecticut residents may be interested in a recent article that discussed ways to protect your assets during a potential divorce. According to the author, while the new year is often a time for instituting new resolutions and goals, many couples around the nation are also deciding to begin their divorce proceedings; more than 800,000 divorces are filed every year in the U.S. While some divorces can indeed be amicable, if a contentious divorce does occur, parties can work to prepare for the division of assets ahead of time.

If someone suspects that a divorce may be on the way, it is important to prepare one's financial records ahead of time to have those ready in the event a judge orders a complete self-disclosure of assets and liabilities. In addition, setting up separate checking, saving and credit accounts may allow an individual to establish financial independence beforehand. Moreover, the author emphasized the need to identify community property and give proper consideration to its equitable distribution before a divorce makes such an action obligatory. It may also be important to photograph and document property ahead of time. Lastly, hire the right attorney for the job by doing research and asking for recommendations.

Complex property division can be one of the most difficult aspects of any divorce. Since property that was once solely owned can become marital property through the course of time under certain conditions, identifying and distinguishing ownership may not always be as easy as someone might wish for.

An attorney may be able to assist couples in documenting their assets and equitably assigning ownership. In this way, it may be made easier for them to come to a mutually satisfactory agreement.

Source: Go Banking Rates, "How to Perfectly Plan Your Divorce to Protect Your Assets", Amanda Garcia, January 08, 2014

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