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Is There a Way to Protect Assets During Divorce?

Posted By admin || 16-May-2012

Is There a Way to Protect Assets During Divorce?It's common to feel as if certain assets are in danger with a pending divorce.  Couples set to end their marriage have several important decisions to make.  Reviewing information regarding assets can determine how they are divided as well as how they can be protected.   Depending on the assets in question, you'll want to review your situation in detail with a divorce attorney to understand how state laws play a role in division of property.

Protecting your assets should begin with gathering important documents and information related to the assets in question.  This information would be presented to your legal representative and in some cases, a presiding judge in court.  The information may include bank statements from bank accounts, pension or retirement accounts, stocks and investments and other items of value.  It is common to have information regarding vehicles and a home.  Financial data presented gives details about what marital assets were shared between you and your spouse.

During a period of separation it's common to take certain items and place them in a secure place.  A spouse seeking divorce, whether or not they are legal separated, may look to place valuable items in a secure place, such as a safe deposit box.  Common items placed in safe deposit box may include jewelry, mortgage deed or titles to vehicles.

While reviewing your assets it's good to note what assets may be missing or hidden.  You'll want to make a separate list of what assets you noticed have gone missing since divorce proceedings have started.  You may want to get a better idea of what certain items are worth by having them appraised.  Joint accounts should be closed or canceled and if your spouse was given power of attorney to act or make decisions on your behalf, you should look to have that removed.

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