Making Sure That Your Property Is Divided Fairly During Divorce
Getting a divorce can be one of the most stressful events of your life, so it is important to ensure that you get your fair share of property. This means separating your business and personal assets from your spouse’s, and resolving debts that you and your partner incurred during your marriage.
Vehicles
During a divorce, making sure that your property is split fairly is one of your attorneys’ top priorities. The best way to do this is to make a list of all the items you own. You can then have your attorney make the rounds and make sure that everything is divided correctly. Your divorce attorney should be able to explain to you the proper procedures for property division, and you can use this information to get a fair deal.
Business
During a divorce, you want to make sure that your business property is distributed fairly. This is important to consider because it could mean a difference in spousal support and alimony payments. Using a prenuptial agreement, or a postnuptial agreement, can help you to avoid this situation and protect your business.
The first step in ensuring that your business property is divided fairly is to create a separate entity for your business. A separate entity is an independent business that owns your assets and is not part of your marital estate. A separate business will protect your business from the divorce process, and you may not have to sell it when the divorce is finalized.
Personal property
Whether you’re going through a divorce or simply want to make sure that your personal property is distributed fairly, you need to hire a divorce attorney. Not only can a divorce lawyer protect you from the stress of a legal battle, he or she can also make sure that your assets are fairly divided. If you’re thinking about a divorce, make sure you have enough money to pay for an attorney and get a thorough understanding of the property division process.
Separating marital debt
During a divorce, the division of debts can be a confusing issue. Whether you’re dealing with student loans or mortgage payments, the court will determine which spouse will pay off what. Regardless of the situation, a clear picture of your financial situation is key to achieving an equitable division.
The best way to prevent problems later is to eliminate debt before your divorce is finalized. There are a number of ways you can accomplish this. One of them is to obtain a joint bankruptcy. Whether you decide to go that route or not, a bankruptcy lawyer can help you figure out what’s best for your situation.
Hidden assets
Using the power of legal tools, a hidden asset attorney can help you uncover and recover assets you thought you had lost in a divorce. A skilled attorney can locate and track hidden assets, while also recommending the best course of action to protect your interests.
A common way spouses hide assets is through bank accounts. These accounts may be set up in someone else’s name. This is called a sham trust. Alternatively, a spouse can hide money through an offshore bank account, such as a Swiss bank.
A spouse can also hide assets in a home-based business. These businesses are often commingled. This can make it hard to figure out how much is actually owned.
A divorce attorney can use a forensic accountant to uncover hidden assets. A forensic accountant is a neutral third party, who can look for inconsistencies and suspicious activity in financial records.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
If you have any questions or in need a Divorce Lawyer, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676–5506
https://www.ascentlawfirm.com
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