If you are thinking about embarking on divorce litigation, protecting your money is probably of primary concern. The vocabulary of divorce suggests that you have reason to be worried. When you read or hear about divorces on television, you see things like "he took her to the cleaners," or "she really made him pay." As such, you may become very very concerned about just what is going to happen to your assets in divorce court. It is important to make sure and keep your cool and to understand exactly what you can and cannot do to protect your money int the event of a divorce.
Divorce Litigation and Your Assets
In reality, there is not a lot that you can do to prevent your spouse for getting some of the cash and assets you acquired during the marriage. States have different rules and laws that apply when dividing up property and assets in a divorce, but each of the states has some mechanism of making sure one spouse doesn't walk away with everything. For example:
- Some states use community property rules.
Under these rules, 1/2 of all assets and property that was either acquired during the marriage, or that was mixed with marital assets, is given to each spouse. This means if you worked during the marriage and your spouse didn't, it doesn't matter, half of everything you earned or bought during that time goes to your wife. If you brought money into the marriage, inherited money while married, or won a personal injury judgment while married and kept that money entirely separate, then that money is yours and won't be split up. However, if you earned money in one of those ways and then mixed it up with shared money, that is now community property to.
- Other states use equitable distribution rules.
The aim of such a system is to be fair to each spouse. Things won't necessarily be split right down the middle. Courts will consider each partners role in the marriage and what each contributed- did one stay home with the kids? That is an important contribution as well. The length of the marriage is also a key factor.
Protecting Your Assets
Once you know your spouse is going to get some of your assets, you may wonder what you can do to protect them. One thing you should never do is hide assets- the court will compel you to turn them over and if you don't, you could be held in contempt and sent to jail. Instead, to try to protect yourself, you can:
- Attempt to arrange an out-of-court settlement with your spouse. This means you two will- either on your own or with the help of a mediator- divide up the possessions and assets in your marriage. You'll have more control over what happens, provided your spouse is willing to compromise and work with you, than you would if a judge makes all the decisions in divorce litigation.
- Try to get your spouse to sign a post-nup. If you don't have a prenup before marriage, then it is too late for such an agreement. However, a post-nup essentially does the same thing, only it is signed after you are married.
Getting Help
Ultimately, there is only so much you can do on your own to protect your money before or during divorce litigation. Your best bet is to consult with an experienced and qualified divorce attorney who can assist you in understanding your rights and in protecting what is yours.
