Team of Asset Protection Lawyers
Located in Surrey, Abbotsford & Vancouver, BC
Divorce and separation are complicated and often difficult processes. In addition to dealing with the emotional challenges involved, it’s important to organize your finances to protect your assets and your future. If you’re wondering how to protect your assets in a divorce, you’re in the right place.
A family lawyer can help protect your assets and maintain open communication with your spouse. Here are some things you can do to keep the process smooth and help your lawyer proceed efficiently:
Record the Date of Separation
Properly highlighting the exact date of your separation can spare you frustration later. For example, you are not obligated to divide any money earned after the separation date, so the court will reject your spouse’s request if they demand a portion.
List Shared Assets
Your family lawyer may ask you to compile a list of anything that is of value to both of you. Examples of assets include:
- Properties
- Cars
- Pensions and retirement plans
- Bank accounts
- Businesses
- Jewelry
In addition, you will need to quickly secure essential documents such as tax returns, wills, insurance policies, bank and credit card statements. You should make copies and ensure that the originals are well protected.
You must also list valuables such as paintings and other art, wedding rings, furniture and stamp collections. It’s best to keep these items safe and carefully stored throughout the divorce or separation to avoid unnecessary complications.
Print Financial Statements
Bank account statements, tax forms and brokerage account statements are typically available online. While convenient, this can pose a risk during a separation or divorce. An angry spouse can change passwords or otherwise hinder access, so print out all your information as soon as possible.
Safeguard Your Bank Account
To reduce the likelihood of additional conflict, you should put some protections in place for any joint bank accounts. The primary account holder for a joint account or credit card can ask the bank to lower the limit. If you are not the primary account holder, you may need a financial restraining order from the court to ensure your spouse doesn’t withdraw all your shared funds. Let us answer your legal questions around the division of assets in divorce.
Do You Need a Family Lawyer for Asset Protection in Fraser Valley and Lower Mainland, BC?
Protecting assets can be of significant concern during a separation or divorce. Matters can get complicated in such emotionally charged situations, and a family lawyer will protect your best interests. At ALG Lawyers, our knowledgeable team has extensive experience in asset protection. Book an appointment with our family lawyers today.