How to Protect Your Assets During Divorce: Where to Start

Going through a divorce feels overwhelming, especially when you’re worried about your financial future. The good news is that Collaborative Divorce offers a much gentler path than battling it out in court.

The first place to start at is by gathering all your financial documents. Bank statements, tax returns, investment accounts, and property deeds should all be collected. Being transparent about assets from the beginning builds trust and speeds up the divorce process.

Unlike traditional divorce litigation, where lawyers fight against each other in court, collaborative divorce brings everyone to the same table. You, your spouse, and both attorneys work together to find solutions that benefit your family. This teamwork approach reduces stress and saves money.

Consider what matters most to you. Maybe keeping the family home is your priority, while your spouse cares more about retirement savings. Collaborative divorce lets you have these honest conversations without a judge making decisions for you.

Don’t forget about hidden costs. Some assets may appear valuable but come with tax implications or ongoing maintenance expenses. A financial professional, such as a financial neutral or forensic accountant, can help you and your spouse gather the data you will need.

Plan for your future income and expenses. Your living situation will change after the divorce. Make sure any agreement considers your ability to support yourself long-term and your changing household needs.

The collaborative divorce process typically takes months rather than years, and costs significantly less than going to court. You maintain control over important decisions instead of leaving them to a stranger in robes.

Most importantly, collaborative divorce helps preserve relationships. When you have children together, you’ll need to co-parent for years to come. Starting with cooperation sets a positive tone for your family’s future.

When you utilize the Los Angeles Consensual Dispute Resolution Family Law Association, you can rest easier because you will know that when your divorce is finalized, each party involved, including your children, will be better prepared to face the future with confidence. Contact us today!

Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.