People spend a lot of time protecting their assets and properties during a divorce. Hiring a good attorney and knowing the laws concerning the situation can help. However, one mistake people make that ruins their credibility is hiding their assets. You should never hide your assets in a divorce just because you believe your ex-spouse should not have them.
It is understandable that you want to protect what is yours and what you have earned with your hard-earned money. However, doing something illegal is never the answer. That is why this blog about strategies to protect your assets will significantly help you. To hire an attorney, contact a reputed law firm and learn more here.
Strategies to protect your assets in your Ottawa divorce
- Try to settle privately.
The better terms you have with your spouse, the faster you will be able to get through the divorce. Regardless of how you feel about your ex-husband or wife, you should settle the matter as amicably as possible. This just does not benefit you but both. On the other hand, the more you fight, the longer the process will be and the higher the fees. Being friendly and calm can save you thousands of dollars.
- Know the law.
The best way to protect your assets in a divorce is by being well-versed with the laws. Since that is not possible without extensive knowledge and experience, it is recommended to hire an attorney. For starters, learn how the division of property is conducted in your jurisdiction. Educate yourself about the division of marital and personal property and what comes under them.
- Make sure your exclusions remain excludable.
Certain properties remain individual property, even if they were acquired during the marriage. These may include gifts, inheritances, personal injury settlements, and life insurance proceeds. If you receive funds from any of these sources, you should create a separate account to keep them. Do not put them into your joint bank account. Otherwise, they will be considered marital property, and you will risk the exclusion.
- Have a prenuptial agreement.
The topic of creating a prenuptial agreement prior to getting married is an uncomfortable one. However, it is important. What the law believes is fair may be far different from your personal values and beliefs. By creating a prenuptial agreement, you and your spouse can decide in advance how you want things to be done if the marriage does not work out.
