How to Keep Assets Safe When Divorcing

 Posted on August 30,2024 in Divorce

Divorce is often a tumultuous time, not only emotionally but also financially. When splitting from your spouse, it is crucial to safeguard your assets to ensure that after your divorce, you are able to maintain financial stability. Contact a lawyer to learn more about what critical steps you can take to keep your assets safe during a divorce.

Understand How Much Money You Have

The first step in protecting your assets is understanding exactly what you have. This means taking a comprehensive inventory of all your financial accounts, property, investments, and any other assets. To do this, you will need to gather all bank statements, tax returns, retirement fund statements, and any documents related to shared properties.

This overview will not only help in negotiations but will also make certain you do not overlook any critical assets. Remember, knowledge is power, especially in divorce proceedings.

Create an Emergency Fund

Before the divorce proceedings escalate, it is important to set up an emergency fund if you have not already. This fund should cover at least three to six months of living expenses to guarantee that you can navigate this transition without financial stress.

Start by setting aside a portion of your income, seeking small saving opportunities, or liquidating non-essential items. This financial cushion can provide you with the necessary stability to face unexpected costs that arise during the divorce process.

Separate Your Bank Accounts

Among the most important aspects of safeguarding your assets is to separate your finances from your spouse. Open individual bank accounts under your name and begin channeling your income into these accounts.

Consider shutting down or freezing joint accounts to prevent unwanted withdrawals or expenditures from your spouse. This protection of assets will help you manage your finances independently and provide you with a clear picture of your financial situation during the divorce process.

Hire a Legal Professional to Assist You

While these steps can help you protect your assets, it is vital to seek legal guidance during this difficult time. A knowledgeable attorney trained in family law can help you protect not only your assets during the divorce, but your rights as well. Your lawyer will help you understand Illinois-specific laws regarding divorce and ensure any joint assets are effectively accounted for.

Contact a Wheaton, IL Divorce Lawyer Today

Divorce does have to mean financial ruin. By taking smart, proactive steps to understand your finances, creating an emergency fund, and separating your bank accounts, you can better protect your assets. Engage the skilled DuPage County, IL divorce attorneys with The Stogsdill Law Firm, P.C. to ensure you emerge from this transition with your financial well-being intact. Contact 630-462-9500 to schedule a private consultation.