How to Protect Your Assets in a DivorceBy Moskowitz Law Group, LLC |
Divorces can be painful. Securing your assets is likely one of the last things you want to think about, but the best way to protect yourself and your assets is to be proactive. Fortunately, an experienced divorce attorney can help support you through this process.
Understanding Asset Division in New Jersey
New Jersey follows equitable distribution to divide property during a divorce. Equitable distribution, as opposed to equal, means that property is divided based on fairness instead of a 50/50 split. That said, however, many couples who manage to settle their divorces without a trial end up agreeing to split assets 50/50 in a divorce as a matter of convenience.
Assets are categorized into marital and separate property. A court can divide marital property during a divorce, while separate property (acquired before marriage or after the divorce complaint is filed) is not subject to division between spouses. However, assets that were entirely yours prior to the marriage may be subject to joint ownership if they were used or otherwise converted into marital property during the marriage, which is why it is especially important to take these steps to protect your assets during divorce.
No one likes to think about divorce while preparing for marriage, but one of the best ways to protect yourself and your assets is by planning ahead. Having a strong prenuptial agreement with your spouse establishes how your property will be divided if you end up divorcing, saving you both time and trouble if things do not work out. Throughout your marriage, stay aware of what property and assets you want to protect and make sure they are owned or titled in your sole name.
Identify and Document Your Personal Assets
Keeping your belongings organized may help keep your mind at ease and makes the court process less stressful. Do an inventory of everything you own in your name. Document your bank accounts, debts, real estate, and expensive property items, along with their value. If needed, seek out a financial advisor to help.
Do not move around or try to hide assets. Giving away shared funds and resources will not go unnoticed by courts and will weaken your claims. The court may even financially sanction you for doing so.
Work with an Experienced Divorce Attorney
Equitable distribution can get complicated. Whether your divorce is contested or uncontested, it is best to have a skilled divorce lawyer in your corner. If your divorce goes to trial, effective legal representation is critical to ensuring you get what you deserve.
Contact a Divorce Attorney Who Will Fight for You and Your Assets
The best step you can take to secure your assets is to have an experienced divorce attorney on your side. If you have any questions or are seeking legal counsel, the attorneys at Moskowitz Law Group are ready to help. We are committed to supporting you. Contact our office to get started.