Asset Protection During a Divorce
Asset protection during divorce is a critically important topic. It must be addressed strategically and with consideration of the long-term implications of every part of the divorce agreement. There are specific steps you can take — both before and during a divorce — to protect your access to assets that you own fully or in part.
Kathleen M. Newman Family Law is a family law and divorce law firm whose Minneapolis asset protection attorneys are well-equipped to provide advice and guidance for men and women on actions to take that will give them the best chance for financial independence during and after the divorce.
Lead attorney Kathleen M. Newman has 25 years of legal experience and is Board-Certified as a Family Law Trial Advocate by the National Board of Trial Advocacy. Contact our office to schedule a consultation.
Do You Have a Prenuptial Agreement?
A prenuptial agreement is one of the strongest methods of asset protection, should the marriage end in divorce. Of course, many couples do not want to consider prenuptial agreements at the time they marry. It may also be possible to write a postmarital agreement regarding division of property and assets.
Asset Protection During Divorce: Steps to Take
The following are some of the actions we advise our clients to take. Please note that this list is no substitute for legal advice from an experienced divorce lawyer. You should consult an attorney as soon as possible if you are considering divorce.
- Review your spouse’s credit report.
- Open separate checking and savings accounts.
- Do not open joint credit cards and do not allow your spouse to be named as a signer on credit cards in your name.
- Throughout your marriage, stay aware of your individual and joint asset and liability situation.
- Always read your tax returns before you sign them and ensure you have a strong working relationship with your tax accountant.
Contact Our Hennepin County Family Law Firm
To discuss your concerns about asset protection during divorce, contact us online or call 612-746-5525.