How Do I Protect My Assets?

How Do I Protect My Assets?

Posted By R. Gregory Colvin, LLC || 10-Jun-2017

Are you contemplating divorce or concerned about how your property and money might be divided? When you have a large amount of wealth, it can be tempting to try and hide it from your spouse. This is especially true when both parties feel entitled to all of the assets. Most people want to hide assets from their spouse because the law requires they be split up. However, hiding your assets is not just a bad idea, it can also land you in legal trouble.

Equitable Distribution States

Based on the circumstances of the marriage, equitable distribution states, like Florida, usually split up the assets equitably or fairly. Spouses are entitled to a share, but this does not necessarily mean a 50-50 split. Courts in equitable distribution states usually look at a number of factors, including the length of the marriage and contributions made by each spouse. This is used to determine who is entitled to what.

Protecting Your Assets

  • Get Your Property Valued: Almost all property is fair game in a divorce. However, you can’t get your fair share if you don’t know the value of your assets. Seek out an expert or a qualified individual to appraise the value of your assets.
  • Be Aware of Hidden Tax Implications: Stay alert to hidden tax obligations. Spouses who are receiving real estate, stocks, or bonds should understand that taxable gains can leave them finically vulnerable.
  • Gather Important Evidence: Preparation is important in a divorce case. Take the time to collect evidence like pictures of assets, copies of account statements, and any other important numbers.
  • Know Your Biggest Asset: Most people mistakenly believe that their house is their biggest asset. In actuality, it is often their retirement or pension account that is most valuable.
  • Know Your Debt Obligations: Many clients assume marital debts are joint when they’re not. Some states don’t divide marital debt if it’s in one person’s name. Know what you owe. Paying off debt preferentially may keep you off the hook for debts that aren’t yours.

Are you divorced? Worried about your assets? Contact our Orlando divorce lawyer or schedule a case evaluation today. Whether you are facing an asset dispute or looking to protect your rights, we’ll take the time to help.

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