How To Keep Your Assets In A Divorce – In an Illinois divorce, any assets, money or debts acquired during the marriage are considered marital and must be divided between the husband and wife. However, if you are concerned about dividing certain assets or protecting assets from distribution in a divorce, there are some things you should keep in mind.

The first way to ensure that certain assets are kept separate and protected from entering the marital estate is to prepare a prenuptial agreement before marriage. A prenuptial agreement that you and your fiancé sign before you get married lets you know what your assets, income, and debts will be separately after the wedding and beyond. If there are bank accounts, retirement accounts, or real estate assets that are in your name only before marriage and you want to keep them that way, planning is the best way to keep them that way. A prenuptial agreement may contain provisions regarding alimony/spousal support and what it will look like in the event of a divorce. Signing a prenuptial agreement can make the divorce process easier and less contentious if you and your spouse agree to it before the wedding.

How To Keep Your Assets In A Divorce

If you’re already married and missed your chance to get a prenup, you might be in luck. A post-nuptial agreement can also be entered into to allow for separate assets to be kept in the event of a divorce. A postnuptial agreement is similar to a prenuptial agreement in form and content, but can be signed after the wedding date. If you and your spouse agree to enter into this agreement, you can make sure that separate accounts and income are segregated from any assets listed in the postnuptial agreement. Your postnuptial agreement may include information about spousal support or maintenance and what, if any, may be paid in the event of a divorce.

Divorce: How To File Without Wrecking Your Finances

If no prenuptial or postnuptial agreement is in the cards for you, there are other options to protect some of your assets during a divorce. Suppose you received an inheritance during your marriage or even before your marriage under Illinois law. In this case, this inheritance is yours separately and cannot be divided in case of divorce as long as you put the inheritance money or assets in your name only. Do not transfer money or assets to your spouse’s name because the assets are marital and cannot be transferred to premarital or foreign assets.

If you have premarital savings accounts or assets in your name only, do not change the title or names of the accounts if you want to separate them and keep them from being distributed. Also, don’t put wedding money into these accounts before you get married. By completely separating your assets from any marital accounts and holding them jointly, you can protect these assets in the event of a divorce because they will still be considered your non-marital or marital assets.

In general, other ways to protect your assets during a divorce if you don’t have a prenuptial agreement, marital agreement, inheritance, or separate account are as follows:

If you only have a joint account, open an account or accounts in your own name. However, don’t make this a guessing game; Let your spouse know you’re doing this so you can adjust your monthly payments and automatic payments from the joint account. You want to make sure all bills are paid without putting extra money into a joint account for your spouse’s use.

Free Divorce Settlement Agreement Template

If the credit cards are in your and your spouse’s names, close them first and split the payments with your spouse. Open cards in your name, or if you have credit cards in your name, start with the ones in your name. This allows marital debts to be easily identified and separated, and separate debts can be assigned to the debtors.

Take pictures of marital assets in the home and make a list of everything in the marital home that should be divided. To make sure your wife doesn’t remove things from the house, take pictures of everything and make an inventory of all the items in the house, garage and any storage areas.

Make sure you get a copy of all joint filings so you have this information on hand for your divorce attorney. In addition, having information from all bank accounts, retirement accounts, car loans, credit cards, etc., will allow you to have a summary of what should be divided between you and your spouse and will help your lawyer in the negotiations and trying to compromise. .

Be sure to speak with an experienced divorce attorney, like one at Anderson Boback & Marshall, for more detailed information on how to protect your assets in a divorce. With the right legal advice, you will be prepared to protect your assets when faced with a divorce.

Key Aspects Of Successful Legacy Planning In Singapore

Anderson Boback & Marshall is an experienced and well-respected Chicago family law firm specializing in divorce litigation and other family law matters. With multiple offices in NorthBrook and Chicago Downtown, we make it easy to schedule an appointment at a location near you. Our family and divorce attorneys serve families in Cook County, Lake County, Will County, and DuPage County. Call us today at 312-715-0870

The information on this website is for general purposes only. Nothing on this website should be taken as legal advice for any particular case or situation. Find out how to protect assets from divorce in the UK with the help of the experienced team of divorce lawyers at Freeman Jones Legal.

We look at some of the best ways to protect your money before and during divorce.

The most popular and common way to protect your finances before a divorce is to enter into a prenuptial agreement that outlines how assets will be divided if the marriage or partnership ends.

How To Protect Your Assets From A Lawsuit Or Creditors

However, a postnuptial agreement can also help you agree on the division of assets and finances in the event of separation or divorce.

Transferring or hiding money or assets to prevent them from being divided fairly during a divorce is against the law in the UK and often results in legal sanctions, such as paying alimony. However, if you are separated, there are steps you can take to help protect your finances until a financial settlement is reached.

Contact your bank – Any joint accounts or credit cards shared with your ex-partner should be frozen or closed as soon as possible and you should open a separate account for yourself. This will prevent you from being responsible for your ex’s expenses and help you build your credit.

Contact your lender or homeowner – Find out whose name is on the mortgage and discuss your loan repayment options with your lender. For those who have a joint mortgage, you are responsible for paying the loan, so it is important that your lender knows your situation and that payments are made until the financing agreement is agreed.

What Happens To My Hdb Flat In A Divorce Or Separation?

On the other hand, if you are renting a property with an ex-partner, it is important to contact your landlord/property management company and discuss your options. Depending on your tenancy agreement, you can continue to live in the house alone or you can transfer it to your ex-partner’s name.

Protect your assets – If you are concerned that your ex-partner may try to sell, transfer or transfer any of your assets before a financial settlement is reached, you can apply for a court order to protect your marital assets. Consult an attorney and they can advise on the best course of action.

To find out more about protecting assets from divorce or for support with property division, why not choose one of Chester’s leading law firms? Professional and experienced in divorce financial planning, we can use different methods to make your divorce as difficult as possible.

To learn more about our legal services or schedule your free, no-obligation 30-minute consultation, don’t hesitate to contact our team of divorce attorneys today. You can contact her by sending your inquiry to our team by email or by calling 01244 506 444.

Divorce Mortgage Specialist

Colin qualified as a solicitor in 1998. He specializes in family law, dispute resolution/complaints, wills, agreements and arbitration and has had significant cases brought to the Court of Appeal and the High Court.

What is Form E? When going through an emotional and often stressful time of divorce, the last thing you […] Read more

Top Tips for Protecting Your Property Divorce Attorney Top Tips for Protecting Your Property Our divorce attorneys are aware of the coronavirus (COVID19) […] Read more

Divorce Fees Complete Your Fees Before You Complete Yours

Can You Really Divorce Without Splitting Assets?

How to protect your assets in divorce, how to find hidden assets in divorce, dividing assets in divorce, hiding assets in divorce, assets in divorce, assets in divorce settlement, how to divide assets in a divorce, how to keep your assets in a divorce, how to protect assets in divorce, marital assets in divorce, how to protect your assets in a divorce, separating assets in divorce