Asset Division in Divorce More Complex Than Most Couples Realize

 Posted on July 27,2016 in Family Law

Most couples realize that the divorce process is an emotionally and mentally taxing process. However, many underestimate just how financially complicated divorce can be. Then there are those who are at risk of losing money in their settlement because their spouse is deceptively hiding or dissolving marital assets. If you are planning on filing for divorce, prepare yourself for the complexities of dividing assets during divorce with the following tips.

Know What You Own

Before you can fairly divide your assets, you must first know what you own. This might seem obvious, but for those that have been in the dark about their day-to-day finances, uncovering their shared marital assets can seem like an overwhelming task. Do not despair! There are ways that you can track down finances and discover assets.

For the most obvious, easy to find information, such as a car or a home, contact the lender and find out how much is owed. If you and your spouse have a joint bank account,contact your financial institution to verify account information, such deposit amounts and withdrawals. To find information on retirement accounts, look at pay stubs or annual summary notifications. If you run into trouble accessing information, your attorney can help you track down information and pull assets into discovery.

Separate What You Can Now

Once you have broken the news of divorce to your soon-to-be ex-spouse, it is important that you start taking steps to financially protect yourself. This is especially important if you happen to be married to someone that might try to clean out the bank account or run up credit card bills to hurt you. However, it is important to proceed cautiously when dividing assets prior to the divorce. Not all assets can or should be divided, and some divisions could do you more harm than good. Your attorney can advise you on taking the proper steps.

A Skilled Divorce Attorney Key to Improving Outcome

Because the divorce process is so complex, and because the wrong steps could do irreparable damage to your financial future, it is critical that you contact a skilled divorce attorney prior to filing. The award-winning DuPage County divorce lawyers at Mevorah & Giglio Law Offices have been serving clients throughout the Chicago area for more than 40 years. Committed to helping you reach the most favorable outcome possible, we protect your rights and your best interest throughout the entire divorce process. To schedule your free initial consultation and discuss your divorce case, call our offices at 630-932-9100 today.

Sources:

http://cnbc.com/2016/01/17/breaking-up-is-hard-to-do-protecting-assets-in-divorce.html