Protect Your Assets In Divorce

The advice in this article should not be construed as legal advice. You should always consult with a solicitor about your case to get advice tailored to your unique situation. Call our offices for a free, no-obligation consultation about your case.

1. Make a list of heirlooms and collectables. Knowing where your heirlooms and collectables are, and being able to identify your from those given to both you and your spouse or those that belong to your spouse alone is very important. There are steps you can take to avoid confusion later on about assets and property. Talk to your solicitor about these tactics.

2. Photograph your heirlooms and collectables. Keep these photographs in a safe place with a copy of the list you made in step one. You are now set to remove those heirlooms and collectables that are wholly yours from the family home. Be sure to talk to your solicitor about any legal issues regarding this practice.

3. Be ready to provide proof that the items are yours. Make sure your relatives are prepared to answer questions about the items and that the items were given to you alone. Receipts and other dated items that prove your ownership will also be very helpful.

4. Have everything appraised for value by a professional, including your business (if any), your home (if you own it), and any other valuable items that might come up during the divorce proceedings. Get your solicitor's recommendation for a reputable appraisal firm. Resist the temptation to destroy documents and records. This practice carries way too many risks to be of any use to you. These risks include:

• spending more money on another appraisal
• Your spouses accountant or appraiser may be relied on for values
• You may have to pay your spouses' legal fees and solicitor fees

Additionally, you might be wise to use a different accountant from your usual one for the purposes of figuring your finances during a divorce. Find an accountant who has experience testifying in court should the need arise. Your solicitor will be able to give you some recommendations.

5. Don't try to hide any financial information from your business.

6. Make a list of community property and joint property.

7. Know what rights you and/or your spouse have to removing items from the residence. Talk to your solicitor about your specific circumstances, as every case and situation is different, and only your solicitor can help you wade through the variances and differences as they relate to your specific case.

8. If your spouse has moved out and taken items with him or her, talk to your solicitor about what can be done if things were taken that belonged to you or to both of you.

9. Make sure that business and financial records are kept current and accurately during your divorce.

10. If your spouse is using your property until the divorce is final (such as a car, for instance) make sure you know what is happening with that property. Make sure that payments on the car continue to be made, for instance, or that any fines are paid.

11. If you own a business, make sure to know what rights you have to the business records, and what rights your spouse has to those records.

As always, these are merely generalised guidelines, and you should always contact your solicitor about your specific case and unique circumstances. No two cases are the same, so be sure to keep accurate records and keep yourself informed. Talk to you solicitor today to find out what you need to do to protect yourself and your assets.

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