When the breakdown of a marriage occurs, spouses are dealing with a lot of emotional strain. Divorce is difficult enough without having to worry about your assets dissolving during the process. Below is a list of seven actions and strategic steps to help save finances and preserve assets during a marriage breakdown:
1. Gather All Documentation Related to Financial Accounts:
During a marriage, a designated spouse generally has to handle all financial matters for the couple. This typically leaves the other spouse in a situation where they are not entirely aware of their complete financial portfolio or status. Therefore, each spouse needs to take an independent inventory of all of their assets and debts. Start by gathering all documents related to any and all financial accounts and their balances, keeping in mind that it is important to have account information at the date of marriage indicating how much money the spouses had at the time of marriage, and how much they had at the date of separation.
2. Track Finances and Expenses:
Once a marriage has broken down it is incumbent of spouses to track and monitor finances and expenses. Look out for large purchases, withdrawals, or transfers. Make sure your spouse is not clandestinely moving marital assets or funds to separate accounts that only they control or have access to.
3. Freeze Financial Accounts:
If you notice unusual activity on any account it may be necessary to ask the bank or financial institution to freeze the account or restrict the other spouse’s ability to access or withdraw funds from the accounts. In some instances, you may be required to get a court order from a judge ordering the bank or financial institution to freeze the account pending the outcome of the divorce or until the assets and debts have been divided.
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4. Divide Assets and Debts:
In some cases, it is very clear who an asset or debt belongs to, and in those situations, it may be in your best interest to come to a written agreement with your spouse about who will receive these assets and debts without the need for litigating who they belong to.
5. Buy or Sell Assets:
It is not always in the best interest of the spouses to hold or maintain their current financial status or status quo. During a marital breakdown, spouses should consider whether or not it is in both spouses’ best interest to buy or sell assets. In some cases, this will require an agreement from both spouses or a court order allowing one spouse to buy or sell marital assets.
6. Mediation and Settlement:
Not every divorce or marital breakdown requires litigation to resolve financial matters or disputes. Sometimes mediation services can be effective to help spouses settle and preserve finances and other matters with litigation.
7. Get Help From Legal Counsel:
Unfortunately, not all divorces or marital breakdowns can be resolved amicably or without litigation. Fortunately, SaveULegal.Com.Au is here to help by providing compassionate and friendly legal counsel to help spouses preserve finances during a marriage breakdown
About the Author:
Kim Hemphry is a passionate expert in the areas of Legal Matters, learning and education. She has been featured on over 50 leading Legal and education sites and is a modern thought leader in the field. More about her interests and articles on her site – http://kimhemphry.com/