How Can You Protect Assets During A Divorce?
A Rockville, Maryland financial planner understands that divorce can sometimes bring out the worst in people. It’s a stressful and painful situation. Emotions are raw and tensions are high. When dealing with money and assets, things can get particularly messy. Each party believes they are entitled to a certain amount and many times are not willing to compromise. In extreme cases, you may believe that your spouse is trying to steal assets that belong to you.
If you are in the middle of a messy divorce and believe your wealth is at risk, there are things you can do to protect your assets. To explore all options available to you, schedule a consultation with CIC Wealth.
In this post, we’ll walk through four ways you can protect your assets during a divorce.
1. Take an inventory of valuable items that belong to you.
If you are trying to protect your assets, you first need to know what those assets are. Take stock of all the valuable items you personally own or items that both you and your spouse own. This includes artwork, antiques, cars, boats, vacation homes, jewelry, firearms, or any valuable collectible items. You can take pictures of each item to ensure the condition you found them in. Also, you may want to consider getting the valuable items appraised in case you and your spouse can’t agree on what items to divide.
2. Make copies of all important documents.
You will need easy access to important documents throughout the course of your divorce settlement. You will want a copy of your financial records – bank statements, retirement funds, tax returns, etc. – for the past three years. Keep these documents in a place your spouse does not have access to. You will need to give all of these documents to your attorney to help them prepare your case.
3. Establish financial independence.
If you and your spouse currently have joint bank accounts, you will want to create your own separate savings and checking account. You’ll also want to open up a credit card solely in your name to help establish independent credit. Having your own accounts and credit is very important in case something were to happen where your spouse intentionally ran up bad credit or spent an excessive amount of money. Any money in your own private account can’t be touched via the joint debit card and your own credit will help offset their spending spree.
4. Reach out to a trusted Rockville, MD financial planner.
A Rockville, MD financial planner can create a custom plan to help you protect your assets. CIC Wealth will also reach out to our well connected community of asset protection lawyers and other professionals.
You never know how people will deal with divorce. Some people are very level-headed and maintain composure, while others will lash out at the spouse asking for a divorce. You never want to be caught off guard when it comes to protecting your wealth. A Rockville, MD financial planner knows you need to take precautions to protect yourself and your assets. If done correctly, you should be able to walk out of your divorce settlement feeling confident in what assets you are dividing and what you are keeping.
Let CIC Wealth help you plan for the future. Lean on a financial planner Rockville, MD trusts. Call us today to schedule your consultation.