Asset protection attorneys are people who help people with a divorce or other similar issues. They are also known as family law attorneys. They help their clients protect their assets while they go through the divorce process and work towards a settlement agreement.
Divorce is one of the most difficult and stressful times in someone’s life. It can be especially difficult if there are children involved or if one spouse has a lot more assets than the other. An asset protection attorney can help make sure that your assets stay safe during this time and that you get what’s rightfully yours.
Hiring an Asset Protection Attorney
When getting divorced, how do you keep your possessions safe? Divorce can be emotionally devastating, making it harder to make rational financial decisions about protecting assets. Knowing what you have and how to keep it safe from your spouse is crucial before you even start the divorce process.
The first order of business is to retain the services of an asset protection attorney. They are well-versed in the rules of your state on the equitable distribution of marital property. An experienced attorney can help you find reliable experts like property appraisers and accountants to support your claims. If you have given your spouse legal authority over your property or finances through a Power of Attorney, your divorce attorney can help you revoke that power.
What is the Best Way to Protect Your Assets?
Prenuptial agreements are the most prevalent divorce-specific asset protection strategy. Wealthier and more intelligent millennial couples marrying in the US have increased prenuptial agreement demand. Premarital agreements are reserved for unmarried people. Considering a post-nuptial agreement with your partner may be a good first step if you are married and not considering divorce but want a plan in place.
Prenup or postnup can help set rules for how to divide marital assets and liabilities if the couple breaks up. Most family law attorneys will tell you how many flaws divorcing spouses use to get out of these agreements. People who want to protect their assets more in the event of divorce might want to think about getting an asset protection attorney.
Asset Protection Attorney: 5 Ways To Win High Net Worth Divorce
Here are some tips from an asset protection lawyer to help you get what’s right after your divorce.
1. Identify family heirlooms and gifts for protection.
Before you move out of the house, you should prepare a list of everything that was presented to you before and after the wedding. Photograph each item. After you’ve made your list, put all your private belongings where your spouse can’t easily find them.
If you leave and forget to take all your belongings with you, your spouse is entitled to them. If you leave the house voluntarily, you or your spouse can go back at any moment to get your things. Except in the case of a court order, you can hire a locksmith to work on the doors if the locks have been changed. You should then try to get some written documentation showing when you got the products and who delivered them to you.
2. Do not forget community property assets.
Items that both you and your spouse regularly use, like a couch or a set of pots and pans, are considered community property. Capture images of these items before you remove the ones you want to keep as evidence of ownership. If there are precious goods you want to keep but cannot take with you during the divorce, and you are concerned that your husband would try to steal them, photographs can serve as an effective deterrent. Keep the photos in a safe place that your husband can’t easily get to.
3. Hire an independent appraiser.
To avoid bias, divorce property division is based on fair market value. Accurate estimates require an appraiser, but your asset protection attorney can help you find one. Choosing the same accountant who manages your assets may sound suspicious. A court may request another appraisal or decide in favor of your spouse’s accountant. For divorce asset protection, an appraisal must be impartial.
4. Consult with an estate planner.
When distributing assets before a divorce, it is advisable to speak with a financial analyst or estate planner. Your profit from the sale of the house will be halved after the divorce. Share your thoughts on retirement plans and investments. In order to tell pension sponsors of your retirement benefit split, you will need to execute a Qualified Domestic-Relations Order (QDRO). You can be entitled to money from the sale of stocks through your spouse. The cost for estate planning would be worth it.
Questions You Should Ask an Asset Protection Attorney
1. Do you work for an asset protection law firm that will keep my case private?
If you don’t work with a law firm that lets all your communications be “attorney privileged,” everything you do, including emails and other communications, can be found with a simple subpoena.
2. What is the scope of your work?
National law firms offer protection. They must comprehend your local statutes and provide a plan that can withstand attacks in any jurisdiction.
3. In how many areas of law do you specialize?
Verify that their degree of expertise meets your needs. While many lawyers have a solid grasp on a wide range of topics, even the most well-rounded among us tend to excel at no more than a couple of areas, such as lawyers for wills.
4. Can you give any professional advice?
They should be able to offer at least a few references from other professionals in comparable fields who can speak to their experience in this area.
5. What kind of ongoing assistance and training do you offer?
Your asset protection lawyer should also educate you regarding the protection of assets. This way, you can save your assets even after your divorce is over.
An asset protection attorney can help you protect your assets and keep them safe during divorce proceedings. They can also help you with negotiating your own divorce, which might be a good idea if you don’t want to go through the process yourself.
James Martin is a passionate writer and the founder of OnTimeMagazines & EastLifePro. He loves to write principally about technology trends. He loves to share his opinion on what’s happening in tech around the world.