How Do I Protect My Wealth During a Divorce?

Whether you have only been married a short time or for decades, or whether you have amassed much wealth during your marriage or not, you likely want to do everything possible to protect your assets during a divorce. Every spouse needs to understand their legal rights during a divorce and the steps they can take to safeguard their wealth during the split. Understanding these rights starts with hiring a seasoned Maryland divorce lawyer to help you through this process.

Proactively Protecting Your Wealth

The best way to protect your wealth during a divorce is to be proactive before or doing your marriage by drafting a pre- or post-nuptial agreement. When done correctly, such an agreement can protect various assets and dictate how certain matters should be handled during the marriage and in the event of a divorce. An experienced Maryland divorce attorney can help you create an agreement that the family courts will honor if you ever need to rely on it. However, many people don’t think about such an agreement until it’s too late, and they are already facing divorce or separation. By the time they wish they had done so, they are already filing for divorce or attempting to settle their divorce.

Account for All of Your Assets

Start listing and gathering documentation regarding all assets—physical as well as bank accounts and retirement accounts. Doing so will help you understand all the wealth that belongs to you and your soon-to-be ex-spouse. Once you have accounted for everything, then you can decide what is important for you to keep. Whatever you do, don’t attempt to hide any assets. Doing so is risky and can jeopardize your wealth even further in a divorce situation, as courts don’t look favorably on spouses who hid assets in a deliberate attempt to keep more.

Hire an Experienced Maryland Divorce Attorney

If you are someone who is already facing divorce, the best step you can take to protect your wealth is to hire an experienced Maryland divorce attorney as soon as possible. Your attorney will assess your assets and those of your marriage and spouse and come up with the ideal way to negotiate a settlement in your favor. They will also account for your preferences when settling your divorce. Divorce lawyers help their clients understand the difference between marital and personal property and what their rights are when it comes to the division of marital property.

Generally, personal property is property obtained by one spouse before the marriage or received as a gift or inheritance during the marriage. On the other hand, marital property refers to wealth and assets obtained or earned by either spouse once the marriage is legal. The division of marital property can become quite a contentious issue during some divorces. Suppose the couple can’t agree on ways to divide the property and settle their differences. In that case, the court will intervene and determine who should get what based on what is equitable.

When you have an attorney on your side, they can manage negotiations between you, your spouse, and their attorney. The sooner in the divorce process that you hire your attorney, the better the potential outcome for protecting your wealth.

Contact our office today.