Divorce is sometimes very costly, especially if you do not take the proper precautions. For example, if you do not take into consideration the tax consequences of keeping your house in Minneapolis as part of the settlement, then it could end up costing you a capital gains tax if you choose to sell it in the future. The last thing you want to do is to lose any part of the divorce settlement that you should receive.
Asset protection is truly the name of the game when it comes to divorce. Fortunately, with a little bit of planning, you can take the necessary steps to protect what is yours.
Put together your team
In general, divorce is a team effort and it will take more than your attorney to get you through it. To handle the valuation and division of your complex and high-value assets, you may also need an appraiser, financial advisor and accountant. In addition, to help you deal with the emotional and mental strain, you might consider talking with a therapist or counselor.
Open your own accounts
If you do not already have checking and savings accounts separate from your husband’s and in your own name, now is the time to open them. You will also need your own credit card. It is important that you start building your own financial identity as soon as you can.
Make a complete list of all assets and debts
In terms of your divorce settlement, you will need to have a current list of all the assets and debt you and your husband accumulated during your marriage. Do not rely on your husband to present a full account. It is up to you to ensure a full inventory of your marital property is available for the division aspect of the settlement.
If you are considering divorce, it is vital to take the above steps to protect your assets. In addition, the advice of your divorce team can also help you get through the process and keep your finances intact.