You deserve to keep what is rightfully yours in a divorce. Lauren Taylor Law can help guide you through asset division, ensuring your property, money and inheritances are well protected.
Understanding Asset Division
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Asset division is the process of splitting property, money, and debts between spouses during a divorce. Marital assets — or things you and your spouse acquired during the marriage, including cars, homes or retirement accounts — are usually divided equally. Separate property, such as gifts, inheritances or items owned before marriage, will return to their original owner.
However, the exact details of splitting assets can depend on the individual state law. We follow an equitable distribution in South Carolina, meaning assets are divided fairly but not always equally. The court will consider certain factors — including each spouse’s income, contributions to the marriage and future needs. Ultimately, the goal is to reach a fair outcome for both people, not just a 50/50 split.
Steps to Protect Your Assets Before and During Divorce
Proactive measures can mitigate the stress of an active divorce and protect your assets. We have outlined some of the most critical steps.
Before Divorce
Taking the following measures before going to court can simplify dividing assets:
- Gather financial records: Collect all your statements for bank accounts, retirement funds, property deeds, tax returns and debts. Having these documents available will make splitting marital assets more straightforward.
- Open individual accounts: Set up your own bank and credit accounts to establish financial independence. Having separate accounts safeguards funds and allows for easier transfer of monetary assets.
- Document separate property: Collect and document the assets you owned before marriage or received as a gift or inheritance. These assets will be divided according to state rules.
- Consider a prenuptial or postnuptial agreement: If you have a prenuptial agreement, gather that documentation before the court. If you don’t already have one, you may be eligible for a postnuptial agreement, especially if your financial situation changes after marriage.
During Divorce
During the actual divorce process, we recommend taking the following precautions to best protect your assets:
- Disclose all assets: Be honest and thorough when listing all assets and debts. Hiding anything — especially debt — can backfire legally.
- Monitor joint accounts: If you still have a joint account with your spouse, watch for unusual withdrawals or spending. Consider freezing the account if you notice any suspicious activity.
- Consult a divorce attorney: Having a divorce attorney on your side can help make the divorce process smoother. They can help you make financial decisions and better protect your assets, avoiding common mistakes.
Common Mistakes to Avoid When Protecting Your Assets
Protecting your assets can be challenging to do on your own. A divorce attorney will ensure all your bases are covered and help avoid hiccups in the divorce process.
When listing and documenting your assets, keep the following issues in mind:
- Hiding assets: Attempting to conceal property or money can result in legal penalties and a loss of credibility in court.
- Undervaluing assets: An unfair settlement can occur if you fail to collect accurate appraisals for homes, businesses or valuables.
- Overlooking debts: Not accounting for your credit card or loan debt can leave one spouse responsible for more than their fair share.
- Forgetting retirement accounts: Overlooking the need for a qualified domestic relations order (QDRO) can prevent you from receiving your correct share of retirement funds.
- Emotional decisions: While divorce can be physically and emotionally stressful, letting your emotions drive choices can hurt your long-term finances.
- DIY approaches: Handling asset division without legal help can lead to mistakes and missed opportunities to receive the most of your assets.
How Lauren Taylor Law Can Help
At Lauren Taylor Law, we understand the complexities of dividing and protecting assets in divorce. Let us help guide you through the process to reduce as much stress as possible.
Whether you end up going to court or can decide on asset division with your spouse, we can provide:
- Legal strategies for asset protection: As your dedicated divorce lawyer, we will work with you to determine the proper strategies for protecting your property and money. We will ensure your side of the divorce remains ethical while helping you make informed decisions.
- Mediation and collaborative divorce options: Lauren Taylor Law can provide mediation or collaborative divorce options instead of a traditional court battle. In mediation, a lawyer acts as a neutral third party to help spouses reach a fair agreement. In a collaborative divorce, each spouse has their own lawyer, and everyone works together to find solutions that work for both sides.
- Local court experience: We understand how the local courts work in Charleston and Greenville, SC, and can help walk you through judge preferences or expectations. Our experience with these details can better prepare your case, avoid common mistakes and present your situation in the best possible light.
Protect Your Future With Lauren Taylor Law
Lauren and her team will remain by your side throughout your divorce, supporting you as you navigate the legal process. Schedule your initial consultation with us today.