Asset protection in divorce cases is important regardless of whether you anticipate the divorce process to be amicable or not. It is never easy to discern how you, or your spouse, will react to the emotional stresses of a divorce. Strategic asset protection will insure that you can avoid any financial surprises during the course of your divorce proceedings. Working with an experienced Phoenix asset protection attorney can help you identify areas that you are strong in and those areas in which you are weak. Here are a few solid pieces of advice about asset protection that you can engage in prior to your divorce becoming final.
Identify and Document Financial Records
Gather all of the financial records you have from the past two years and keep them in a safe place as well as providing copies to your attorney. These records can include credit cards, bank accounts, investment portfolios, mortgage payments or retirement accounts. This will help your Arizona divorce attorney to prepare your case.
Create Individual Accounts
Before you file for divorce, set up your own personal savings and checking accounts. Take the necessary steps required to establish an independent line of credit if you have the capability and need to do so. When it comes to your joint accounts, it is suggested that you draw one half of the money from these accounts prior to filing for divorce. Once you file for divorce, the Preliminary Injunction restricts your access to these accounts and your ability to be financially independent could be curtailed.
Document Family Heirlooms or Personal Property
The court will need a full statement of the sole property you came into the marriage with and the joint property that you and your spouse has accumulated. Sole property is not subject to division during a divorce and these items should be photographed and documented completely. If you have a Pre-Nuptial Agreement, make sure that it is kept in a safe place and a copy provided to your Phoenix Asset Protection Attorney.
Hire A Good Attorney
There is no substitute for solid legal advice during a divorce. At Enholm Law, PLLC, we provide a free initial consultation to help you identify the areas of strength and weakness in your case. We ensure up-front fee structures, a comprehensive case plan, ongoing training for all of our staff and constant contact with our clients.
Call (602) 889-6273 to schedule your first free consultation meeting with an Enholm Law, PLLC Phoenix Family Law Attorney today.