Nancy L. Sponseller

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Protecting assets during a divorce

On behalf of Law Office of Nancy L. Sponseller posted on Tuesday, January 14, 2014.

Ohio residents planning to divorce might wish to understand how to protect their assets during the process, especially if they doubt the proceedings would be civil. Some experts believe that smart financial planning during the divorce process can be crucial as far as preserving one’s assets is concerned, and many offer the following advice.

Keeping important financial records is critical; however, it is necessary that the last three to five years of documentation are copied and stored in a place that is inaccessible to one’s spouse. Detailed records are necessary in order for attorneys to respond to court rulings with the proper filings. Such information includes bank accounts, mortgage statements and investment portfolios. In addition, many professionals advise opening separate bank accounts and establishing individual lines of credit prior to filing for divorce in order to cultivate one’s own income source. Some people may find it helpful to make an accounting of their spouses’ financial records so they can compare their assets to their own.

Experts suggest securing personal items and property obtained prior to and during the marriage, and they recommend supplying proof that such items were given as gifts or inheritances. Important items should be photographed and kept in a safe place.

While the divorce process can be emotionally difficult, it doesn’t have to be a financial struggle. Many people choose to work with attorneys, who may be able to help make the process of marriage dissolution easier. An attorney may be able to assist clients in preparing documents and gathering the information they need in order to make the court procedures go more smoothly.

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