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Protecting Assets in Divorce

Family law concept shotDivorce is one of those things people rarely plan for and understandably so- nobody gets into marriage preparing for the worst. Unfortunately, In the event of an acrimonious divorce, chances of a financial fallout are very high. Especially where a couple had spent decades investing together. If you’re getting a divorce, you may need to act quickly to protect your assets and finances with the help of law firms such as Burnham Law Firm.

This article gives you a peek into ways you can protect your assets in a divorce.

Getting a Protective Order for Your Property

If you had not taken the necessary steps to protect your property, you could seek a protective order for it. Taking a protective order for a property is similar to obtaining a temporary restraining order, such as the ones issued in cases of abuse. You may be required to show up in court on an ex parte basis, provide notice so that the judge grants you a hearing. To get in-depth knowledge about property protection, consider going for free consultations in Denver with a divorce attorney.

Making Copies of Your Financial Records

Get copies of your critical financial records including investment records, bank records, retirement accounts, W2s and so on. Then, safely keep these records where your ex can’t access them. Gathering all your financial records will assist your attorney in preparations for your probate court 401 financial statement mandatory in self-disclosure.

Mortgage

Regardless of your situation, the mortgage company will expect you to continue making payments. In ideal circumstances, some couples do make arrangements about who gets to keep the home. However, to avoid risking losing your claim, it’s best if you talk to the mortgage company and let them know of your current situation. It would make financial sense to sell the home and split the money.

Remember, if you decide to keep the home, you will need to pay the mortgage consistently. Otherwise, you risk damaging your credit rating.

Even for the most peaceful couples, divorce has a way of bringing out the worst in people, so it’s important to prepare in advance so that you don’t end up losing financially.

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