Advice on How to Protect Your Assets during Divorce

Divorces are often painful, but when going through a divorce, it is important to protect your assets as early as possible. Community property is generally divided equally in divorces, unlike separate property, which is kept intact. You should gather all relevant information regarding your property, investments, bank accounts, and other assets and give this information to your lawyers.

Below are some tips you can follow to protect your assets.

•  Take an inventory of all of the items in your house and take note of anything missing that you think your spouse may have taken.

•  Find all of your valuables, such as jewelry, collectibles, and expensive art, and put them in a safe place, such as a safe deposit box, the home of a trusted friend or family member, or any place you think your spouse won’t be able to get to it.

•  Cancel your and your spouse’s joint credit cards. If you and your spouse has a line of credit, make sure you cancel it or reduce it. Be sure to tell your spouse you are doing this first.

•  Consult your attorney about protecting your joint assets if you fear your spouse will take steps to use them up. The attorney might advise you to avoid maintaining large cash balances.

With a few steps, you can ensure that you protect your assets during a divorce.

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