How can I protect myself financially in a divorce? In a Divorce, you are often required to liquidate all your assets, such as real estate (including artwork and collectibles), collectibles (such as autographed sports memorabilia), antiques, and more. These items are considered “marital property” and, in most states, cannot be divided unless the couple has agreed on an amount that is fair. In many cases, spouses must sell their marital property within a short time frame after a divorce is finalized in order to meet these demands of the law.
This is why protecting your assets must be part of any divorce planning that you do undertake. Unfortunately, not every divorce attorney takes this very seriously. In fact, many will advise you to divide your assets rather than spend the time to protect them. The fact of the matter is that you have to spend the time to properly protect yourself if you want to preserve your financial future. Contact Underwood & Micklin for legal help you can trust.
In other states, your assets must be protected even if you aren’t divorcing. For example, in the state of Tennessee, divorce proceedings require that a court approve the distribution of marital property. If you want to protect your assets from a Tennessee Divorce, you must file a petition with the courts and then show proof that you have no other assets that can be awarded to your former spouse prior to a divorce decree. Once the court agrees to your petition, assets must be divided equally between the two parties.
This is a critical point for anyone that wants to preserve a good financial future after a divorce. Unless you have a steady income, it will be very difficult to maintain the same lifestyle that you had before the marriage. In order to accomplish your goals regarding financial preservation, you must have sound knowledge about how to approach divorce proceedings. The more information that you can gather and put together beforehand, the better off you will be as a result of this process. In some cases, certain assets are exempt from a divorce decree; others are not.
If you think about it for a moment, you will realize that unless you have some sort of money that you can use in order to obtain an attorney during the divorce proceedings, you will have to be financially protective of those assets. This means that you will either have to hire a divorce lawyer or get one on your own. In some cases, both options will be able to accomplish the same goal, which is to protect your assets. However, hiring a divorce lawyer is a good idea if you really don’t know how to proceed with protecting yourself financially in a divorce proceeding.
A divorce lawyer will be able to provide you with the knowledge and resources that are necessary in order to make a solid plan for protecting your finances after a divorce has been finalized. You will want to make sure that you do everything possible in order to avoid a court judgment being entered against you, as well as to prevent your creditors from coming after you for payments that you cannot reasonably make. The more prepared you are, the better off you will be in the end. Even if you have to spend some money paying for a divorce lawyer, you will discover that it is money well spent when all is said and done. Remember, protecting yourself financially in a divorce proceeding is not something that you should take lightly.