Baltimor & Towson Lawyer Discusses Divorce and Asset Protection
All too often, the only thing a divorcing couple is concerned with is getting as far away from each other as possible. However, your Baltimore and Towson divorce lawyer will advise you and other Maryland spouses to think seriously about protecting their assets prior to going through the divorce process.
Divorce is typically an emotional time for all involved. That said, it might not always be possible to remain cordial and agreeable to certain requests made during the divorce -- particularly as it relates to assets. Still, individuals who take specific steps to safeguard their assets might eliminate much of the anxiety and concern associated with the process.
Separate Your Accounts
A normal part of the divorce process often includes determining how joint accounts should be handled. However, parting couples who wish to protect and preserve those joint accounts might consider taking them out of the names of both parties and putting them in one person’s name. While it is true that the person in whose name the assets are placed will have an advantage with respect to accessing the accounts, making the transfer to a single party will help preserve them in the long run and possibly avoid retaliatory squandering.
Gather and Protect Your Records
It is also important to compile and protect all records related to your assets, to include all property deeds, car titles, bank and retirement statements, birth certificates, passports, mortgage paperwork, credit card statements and investment records, to name a few. Gathering these records ahead of time could prove to be beneficial, as it is always better to have such documents readily available during a divorce, as opposed to having to search for things at a critical point during the process.
Document Your Inheritance and Gifts
Divorcing individuals should note that inheritances and gifts from third parties are generally non-marital property. Accordingly, in order to maintain their non-marital status, you must ensure you do not comingle them with marital property. You might consider opening a separate account for the inheritance and/or gift money because if that money is placed into an account that has funds earned by either party during the marriage, that inheritance and/or gift money can become marital property and lose its non-marital status.
Be Mindful of Property Titles
Many couples who own marital homes often hold the property as “tenants by the entirety,” which essentially means neither party can get rid of the property, either by simply disposing of it or selling it, without the other party’s participation and/or consent. Additionally, property that is held as tenants by the entirety is protected from each other’s creditors. Keep in mind, however, either party’s creditors might still be able to make a claim against the property at issue.
Individuals should also note that even when a property is in one person’s name, it might still be deemed marital. That being the case, if you are interested in ensuring your property is not subject to sale, you may want to title it solely in your name. Keep in mind, though, you might still be required to pay the other party a monetary award to account for the amount of equity in the property.
If you have questions or concerns about keeping your money safe and protected during the divorce process, contact the Law Offices of Amar Weisman, LLC as soon as possible.
Call (410) 321-4994 For a Free Consultation
Call The Law Offices of Amar S. Weisman at (410) 321-4994 to schedule a Free Consultation. The Purpose of the consultation is to determine whether you want to retain this law firm as your Baltimore County & Harford County Family Lawyer. If you do wish to proceed, then you must pay a retainer. See Our Policy on Fees and Costs. The family firm is located next to The Circuit Court for Baltimore County, at 1018 Dulaney Valley Road, Towson, MD 21204.