6 Ways to Secure Your Money/Assets when You Start Your Divorce

The beginning of a divorce is a very difficult and very important time.

Lots of stuff happens very quickly, and what you do will have lasting a lasting impact on you and your family — for better or worse.

One of the most important things you can do at the beginning of your divorce is to secure your money/assets (i.e., make sure it’s not taken and squandered). In many divorces, money magically disappears. And once it’s gone, it’s hard to get it back (usually because it’s hidden or spent).

In light of this, this adage seems appropriate: “An ounce of prevention is worth a pound of cure.”

Here are six ways to help secure your money/assets when you start your divorce:

  1. Open new accounts in your name only and take 50% of the joint bank accounts.

This piece of advice is #1 because disappearing funds from joint bank accounts is the #1 financial shenanigan in divorce. Don’t get taken to the cleaners; move the money.

  1. Freeze joint credit cards.

You’d be amazed at how often people run up their joint credit cards when divorces start. The general rule for dividing debt after separation is “the person who incurred the debt keeps it.” Problem is if the debt was on a joint card, the credit card company will come after you simply because your name’s on the card. Keep it simple: freeze joint cards. You can always unfreeze them later if you decide to.

  1. Freeze joint investment and asset accounts.

Same principle holds true for joint investment and asset accounts. You don’t want your soon-to-be ex removing money from the joint stock portfolio. Chances are you’ll never see that money again, so it’s best to freeze the account for the time being.

  1. Inventory all personal property.

People move out during divorces. In the mix, stuff gets “lost” all the time. If you don’t have a good inventory of all personal property (think: all the stuff that’s in and around your house, but isn’t your actual house), then you’ll never be able to recreate everything that was there to begin with.

  1. Make copies of all financial records.

In your divorce, you’ll be asked to complete a Financial Declaration. This Declaration requires you to provide proof of your taxes, debts, assets, and monthly payments (e.g., mortgage, utilities, daycare, car payments). Make a copy of that stuff now so you don’t have to go looking for it later. Once divorces start, spouses tend to hoard these documents, which makes getting an accurate accounting of debts and assets very difficult.

  1. Hire a good divorce attorney.

Yeah, I know, a divorce attorney tells you to hire a divorce attorney to help with your divorce. It’s like asking a barber if you need a haircut (hint: his answer is always “Yes.”) Honestly, though, you need a professional by your side looking out for you and your family. A good, thoughtful divorce attorney will help you be successful with money both during and after divorce.

Protect Your Money And Your Family

We remove fear associated with divorce, protect your money & maximize time with your kids!

We're here to help. Let's determine your best options.

Call Us 24//7 at 801-685-9999 to Speak with a Live Representative

Utah Divorce FAQs
Top 100 Divorce Blog
What Clients Are Saying…
BrownLaw icon
Excellent
Brown Family Law
Based on 946 reviews
Jennifer and Dani did a wonderful job handling my case. The communication and accessibility were top notch.
Brown Family Law is very professional. They use their phenomenal expertise to manage every case with care. I would highly recommend them.
Response from the owner:Thank you, Kim. Glad we could help.
Very thorough and on top of dates and timing for various documents.
My attorney Andrew Christensen was great! He was very helpful while being realistic and upfront with me at the initial consultation. He did a great job of guiding me and answering any questions I had throughout the whole process. My paralegal Carren Leavitt was also very helpful. I appreciated her weekly check-ins, for the aid she provided, and the questions answered.
Clay Randle provided exceptional support and counsel. He was patient, knowledgeable, and thoughtfully addressed my many questions and concerns. Thank you very much!
Paul and Dani were incredibly communicative, educational, willing to work with our unique circumstances, and took the whole process from complicated and overwhelming to simple. Highly recommend!!
Nathaniel was very personable and listened. He is also incredibly knowledgeable, effective, and efficient. Brown Family Law is a pinnacle of law firms.
I highly recommend Nathaniel Garrabrandt and Brown Family Law. If you are going through a divorce and your parental rights are being falsely challenged they are a great option. Nathaniel and Brown family law are professional, very knowledgeable, and know how to navigate within the broken and biased Utah family law court system. They were highly communicative throughout the process. They can potentially save you a lot of time and money if lawfare is being waged against you.
Could not help with my case but referred me to someone who could .
Clay Randle was great and I would highly recommend him for an attorney.
yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

Categories