Plan ahead and protect your assets before divorce

On behalf of The Walters Law Group, Ltd. posted in Family Law on Tuesday, January 14, 2014.

When divorce is inevitable, it makes sense to consider financial planning for the ease and benefit of everyone affected. In Illinois, there are obvious economic issues to address like child support, spousal support, and property division, but in the event a divorce will not likely be amicable, it is important to take precautions to protect your assets.

Before filing for divorce, take a deep breath, create a file from copies of your financial records going back three to five years, and make the file secure. It should contain pertinent facts like bank account information, tax returns, mortgage records, credit card statements, and retirement or investment account data. Your family law attorney will need records to satisfy the court, which will require self-disclosure and discovery documents. If you already maintain separate financial records, try to make copies of your spouse’s data. The idea is for your counselor in family law issues to have a clear picture of each individual’s assets, especially in a high asset divorce.

Other things to accomplish before filing for divorce or domestic separation are to set up bank accounts for yourself because you are entitled to half of any money you and your spouse have in joint accounts. However, once divorce proceedings begin, the court may not allow withdrawals. You will also need to document items of personal value, and do the same for items from the marital home that need to be addressed under a property division conflict.

If you make the decision to pursue divorce, a family law attorney can help you protect your assets. In fact, an attorney who specializes in this particular field will be your advocate and help you devise a thorough plan to make this transition a smooth one for everyone concerned.

Source: Go Banking Rates, “How to Perfectly Plan Your Divorce to Protect Your Assets“, Amanda Garcia, January 08, 2014