Sometimes, divorcing couples clash over how to divide marital assets. Orange county residents may wonder about the best way to protect their assets from a spouse in a contentious divorce. There are several things that people may be able to keep money and other assets from being taken.
First, it is important for each spouse to know the other person’s finances. A recent study found that nearly 25 percent of married persons would choose not to divulge all accounts to their spouses. Going along with this, some experts will recommend that each spouse keep a record of spending, as well of records of all accounts held by either partner, tax forms, retirement statements, home appraisals, life insurance and other forms. While knowledge is important, keeping credit accounts separate is a good way for people to protect their credit ratings from being injured by problems caused by someone else.
People who are planning to marry may also benefit from adding their names to property held by a spouse. This helps preserve the spouse’s claim to that property. Anyone who has significant assets prior to a marriage may benefit from establishing a prenuptial agreement that sets forth each spouse’s rights and obligations. Finally, spouses may benefit from changing wills if necessary to ensure that the ex-spouse does not inherit in the event of an untimely death.
A local family law attorney may be able to assist with drafting prenuptial agreements and wills. An attorney may also be able to perform financial planning or estate planning. Having these documents can help make the divorce process less complicated.
Source: Go Banking Rates, “6 Ways to Protect Your Assets and Bank Accounts from a Nasty Divorce Like Kim Kardashian Did“, Stacey Bumpus, May 05, 2013