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Tips to protect your assets from divorce

On Behalf of | Nov 6, 2017 | High Asset Divorce

Imagine spending years building your wealth, investing in real estate in Denver, Aspen, and other places around the state and country. In addition, you have worked hard to create a strong stock portfolio and maybe even built a company from the ground up. Now, you are on the verge of divorce and you are worried about how it will affect your assets.

Asset protection is a major concern of most people who are contemplating divorce. One of the keys to protecting your assets is planning. The following tips can help you get through your divorce without becoming destitute in the process.

Organize your records

As soon as you make the decision to divorce, start preparing and organizing your financial records going back three to five years. Once you have accumulated brokerage statements, tax returns, company financial statements and even debt records, make copies of them and store them in a secure place. Your attorney will need these documents when it comes time to meet with your divorce attorney.

Open separate accounts

If you do not already have separate bank and credit card accounts, it is time to open them up. Before you even start the divorce process, you will want to start establishing a financial identity separate from that of your soon-to-be ex-wife.

Make a list of personal items and family heirlooms

During the course of your marriage, you have more than likely received gifts or possibly inherited certain family heirlooms. Take an inventory of these items so that they remain separate from the property that will be subject to marital property division by the court. Consider taking photographs of these items and possibly move them to a safe location, such as a safe deposit box.

Identify marital property

You will have to divide marital property with your spouse in accordance with Colorado laws. Make a complete inventory of the property that you acquired during your marriage. Include anything you purchased on your own or that you and your wife purchased jointly. This may include real estate, cars, retirement accounts and even your household furniture.

If you are considering divorce, it is important to take some proactive steps to protect your assets. The above tips can help you prepare for divorce so that you have a chance of coming out the other side in a financially secure position.

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