When a couple get married, the last thing they think about is how to protect their assets from the other person. This concern usually arises once divorce proceedings have begun. Suddenly the person they trusted most is someone that they have to protect themselves from. It’s a sad turn of events but happens often.
If you’re going through a divorce, what can you do to protect yourself?
Ways To Ensure Proper Division Of The Assets
First of all, it’s important to know the law regarding marriage, property, assets, and division of these during a divorce. Each state has its own way of doing things. The following is information specific to North Carolina.
Marital property is that which has been acquired by the couple during their marriage. There are a number of states that recognize marital property as “community property,” meaning that everything the couple owns they own jointly, or equally. North Carolina is not one of these states.
One way to ensure proper division is for a couple to work together. It will save a lot of time, expense and heartache if the couple can come to some agreement regarding how to divide their assets.
When a couple can’t come to an agreement, they usually need to work along with a mediator or their attorneys. If this doesn’t work, a judge will have to intervene and make a decision for the couple.
12 Property Assets To Monitor During A Divorce
There have been some cases in which couples have had such a nasty divorce that one or the other of the spouses has tried to fraudulently acquire assets and property. At times, assets have been hidden from one partner or even sold without the partner knowing, the profit of which ends up in the pocket of one spouse instead of both. In other cases, a spouse has done something to try and ruin the credit of the other. This could be by racking up thousands of dollars worth of credit card debt or refusing to pay bills on time.
If you’re not dealing with any of the situations listed above, be grateful! However, it’s important to protect ourselves no matter the type of divorce we’re going through—whether it’s an all-out battle or an amicable breakup. One way to protect ourselves is by monitoring the following:
- Home Equity.
- Real Estate Other Than The Family Home.
- Furnishings Within The Home.
- Business Assets.
- Motor Vehicles.
- Recreational Vehicles.
- Retirement Plan Resources.
- Stocks, Bonds.
- Savings Accounts.
- Personal Property.
- Hidden Assets.
Make A List For Yourself And Your Attorney
Going through a divorce is difficult but it can be even more complicated if there is a battle over property. Protect your rights by making a list of everything you own individually and jointly with your partner. During your divorce, this list will be very helpful. If you have more questions regarding your rights, call the law office of John C. Fitzpatrick today.