In May of this year, reports emerged over the stalled divorce proceedings of actors Demi Moore and Ashton Kutcher. They have been locked in a hostile court battle over finances following a year of failed attempts to reach a negotiated settlement. It is crucial to take steps to protect your assets if your divorce is imminent and you fear obstructive conduct by your spouse. Experienced family lawyers in Minnesota can advise you on protecting your property.
How can I protect my assets?
You can protect your assets by taking the following actions:
- Open your own account. Set up your own account in a different bank to keep your personal finances separate from those of your spouse. Before doing so, speak to a lawyer about what money can be deposited. Minnesota is an equitable distribution state in which marital assets are divided fairly upon divorce, so removing all monies from a joint account is frowned upon by the courts. To preempt your spouse emptying a joint account, withdraw half of the funds and deposit the money in your new account.
- Protect your treasured possessions. If you are concerned that family heirlooms or other important personal property is at risk in the marital home, move the items to a safe location. Let your spouse know about this.
- Secure financial resources. Identify sources of funding that you may need for further legal proceedings. The money may come from your own income, non-marital property, family loans, or your retirement fund. A lawyer can assist you in identifying the most suitable sources.
- Consider an asset protection trust. If you did not do so before your marriage, consider setting up such a trust after divorce to protect your non-marital property from lawsuits or creditors.
If you are facing a divorce, the experienced divorce lawyers at Hess & Jendro Law Office, P.A. can advise you on protecting your property.