How To Protect Your Assets During a High Net Worth Divorce
No one wants to experience a divorce. Nevertheless, marriages dissolve, and when they do, protecting one’s assets becomes a vital concern. Hiring a high net worth divorce lawyer in Gig Harbor, WA becomes important. Many other actions can preserve an estate. Here are a few that are recommended.
Gather Important Documents
Your attorney needs your last three years of financial records. This is mandatory to comply with Probate Court Rule 401, which requires total fiscal disclosure. Make this job easier by maintaining organized files before the prospect of divorce surfaces. Also, a marriage certificate is necessary for your attorney to file an official Complaint of Divorce. Secure yours before doing anything else.
Copy Financial Documents
All sorts of financial records are necessary to prove that specific assets belong to you. Make copies of important papers, such as retirement account statements, bank statements, and tax returns. Purchase a standalone safe where you can put them so that your spouse cannot interfere by destroying or altering them.
Collect Benefits Information
Health and dental coverage may be denied if you cannot prove enrollment. Additionally, your former partner may be unwilling to cooperate and help assure that your benefits continue. Be certain you have relevant membership cards and that the information on them is readable. If not, collect this data as soon as possible.
Separate Shared Accounts
Vindictive partners sometimes empty the coffers of their soon-to-be ex. Prevent this possibility by placing your money in accounts that bear only your name. If your spouse has individual bank accounts, retirement accounts, or investments, make an effort to uncover recent paperwork that sheds light on them. Securely store what you find along with other important records.
Establish Individual Credit
You’re in a dangerous position if the only credit card you use has your partner’s name on it. Remedy this situation by applying for your own. Using a card that’s just yours will help build your personal credit, giving you essential flexibility when difficult economic situations arise.
Inventory Valuable Items
List everything that you and your spouse own; it does not matter whether these treasures are held individually or jointly. These possessions include but are not limited to:
- Real estate
- Family heirlooms
Take pictures of and order appraisals for especially high-ticket commodities. Think ahead about what you’d be willing to bargain away in exchange for something else.
Handling these tasks is much easier with a high net worth divorce lawyer Gig Harbor, WA by your side. Hire one of our high net worth divorce lawyers Gig Harbor, WA at Robinson & Hadeed to make sure you maintain maximum control over your property.