Every time a couple splits, dividing property is an enormous concern. There is likely to be a tussle over who gets what.
Avoid conflicts by protecting your assets both before and after settlement from a divorce court.
How to protect your assets before divorce
There is much you can do so that your soon-to-be-ex cannot take what is yours. Start with these recommended steps.
Gather your financial records for the past three years. Next, create a written inventory of all personal property. Make sure this list includes high-worth items such as homes and vehicles. Make copies of everything, including retirement accounts and investments. Provide this information to your legal representative as soon as possible.
Seek records of accounts held by your spouse. This information is often valuable during divorce hearings.
Hire a forensic accountant to review your portfolio from top to bottom. The judge overseeing your case will have an inherent interest in any hidden assets.
How to protect your assets after divorce
Create a separate bank account where you can place your wealth. Doing this keeps money out of the hands of your significant other.
Change your will. You never know when death will come, and your heirs should get everything you wish them to have. Remove the name of your former spouse from documents post haste.
Place assets into a trust. Doing this eliminates the need for a prenuptial agreement if matrimony is in your future.
No matter your marital status, you need to maintain control of what you own. Be proactive about protecting the wealth you have.