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Protecting your assets during a divorce, part 1

The process of a divorce is overwhelming for many. There are so many decisions that need to be made and things to consider, that sometimes it is difficult to keep your mind on a level plane. Add to it the potential of emotions that could run high and it is not uncommon that less-than-ideal decisions are made.

Preparing yourself with a plan beforehand could prove to be beneficial. We will discuss several tips that might help you along the way.

You may want to have a financial planner look at your assets and property including investments and retirement contributions to make sure that you are well-prepared for the single life and that your future is taken into consideration. You are required by law to have clear copies of all tax returns, loan applications, trusts, wills, and financial statements ready to prove what property and assets you own. The same is true of your debts. Records and documentation regarding all your debts are also required.

In addition to property and assets, you should document all valuables you have inside the home. This could include not only cars and recreational vehicles, but other items that may have sentimental value to you. Also keep in mind that if expenses were paid that do have a tangible value, such as paying for an education during a marriage, you could use those costs as potential leverage.

The decisions that are made during the process of a divorce could lead to significant consequences down the line. It is often wise to use the guidance and representation from a family law firm familiar with property division to look out for your assets.

Source: Fidelity.com, "Protect your financial future after a divorce," accessed on July 18, 2017

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