Starting the divorce process splitting assets

Considering a Divorce? These Steps Can Help Secure the Process for You

It has been said that divorce can be one of life’s most stressful undertakings. Before you make a decision, you might want to consider these steps.

  1. Take the time to truly understand your entire financial situation including monthly expenses, debts and streams of income.
  2. Secure your assets to eliminate the possibility of your spouse removing your access to your financial accounts and resources. In addition to bank accounts and other places where you have joint funds, consider credit cards and home equity lines of credit.
  3. Be certain to collect statements from all of your financial accounts. This includes information from bank accounts, stocks, bonds, the names of all businesses entities, insurance policies, retirement accounts, trusts to which either spouse or any children may be a beneficiary, any trademarks, copyrights, or other intellectual property assets, real estate, other property of value such as antiques, paintings, collectibles or jewelry.
  4. Remember to update the beneficiaries and terms of your trust, will or estate plan.
  5. It is prudent to transfer retirement funds per the divorce judgment, after the divorce is finalized.
  6. Any highly valuable property, such as irreplaceable personal items or heirlooms should be safely secured prior to filing.
  7. It is best to update passwords for all of your various online accounts including social media and financial accounts. 
  8. You might want to change your address to a P.O. box or to that of a trusted friend or relative until you have found a permanent residence, if you will be moving.
  9. Sometime during a divorce, we see marital funds cut off, frozen or access denied by one spouse. To that end set aside funds and consider securing a new credit card in your name before you start any proceedings.
  10. It is best to work with a financial advisor before, during and after completion of your divorce.

 

Posted in Divorce, Family law tips, High Asset Divorce, Transitioning.