If you are getting divorced and have significant assets in New Jersey, it is vital to take steps to protect them. Divorces can be very contentious, and it is not uncommon for one spouse to try to take advantage of the other.
Make a list of all your assets and their value
Take a keen inventory of all the assets you acquired during your marriage. Inventory should include property, investments, bank accounts, retirement accounts, and anything else of value. Once you have a complete list, determine the value of each asset. You can do this yourself or hire a professional appraiser.
Open your own bank accounts
If you don’t already have a bank account, now is the time to open one. Individual bank accounts will give you financial independence and make it easier to keep track of your assets. Once you have your account, start transferring some of your joint assets into it. Transferring assets will help to protect them in the event of a divorce.
Create a trust
A trust can help protect your assets from creditors and ensure they get distributed according to your wishes. A trust can be revocable or irrevocable. A revocable trust allows you to change the terms at any time, while an irrevocable trust cannot be changed.
Get a prenuptial agreement
If you are getting married or remarried, consider getting a prenuptial agreement. Prenuptial agreements can help to protect your assets in the event of a divorce. A prenuptial agreement is a contract that outlines how assets will be divided in the event of a divorce.
Keep good records
Keep meticulous records of all your assets. Your records should include purchase receipts, appraisals, and bank statements. Keeping track will help to prove their value in the event of a divorce.
You can take steps to protect your assets. By making a list of your assets and their value, opening your bank accounts, creating a trust, and getting a prenuptial agreement, you can protect yourself.