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 937 reviews
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.
Russell was my Lawyer at Brown Family Law. He helped me through my multiple cases after my divorce. He was very responsive whenever I had questions about my cases or understanding how the law works. Russell was respectful of how he used my retainer and always gave me good sound advice even if it wasn’t what I wanted to hear. I highly recommend his services if you’re looking for a top notch Family lawyer! 5 out of 5 stars ⭐️⭐️⭐️⭐️⭐️
I recently engaged Andrew to review my divorce decree that was finalized in another state. He gave me excellent advice. I did not feel pressured to proceed one way or another. Instead, he gave me very reasonable scenarios to consider and allowed me to proceed down the path that felt most comfortable to me.
Clay Randle with Brown Family Law was excellent! I love the way the procedures with this company are organized. The attorney calls every Friday to check in with you so there’s no phone tag. Questions are answered very timely every week. Clay was very prompt in responding to emails. He was also great to “read the room” or the situation rather. Throughout the divorce, where grace was extended and healthy negotiation prevailed, he appeared to navigate the process in a calm and skillful way. I could see how he definitely had the capacity to respond in a more contentious, emotionally charged way if needed. He encouraged healthy boundaries with the splitting of assets and he understood both sides of what could happen if asking for a specific thing in the divorce. During a painful situation, Clay was able to crack some (tasteful) jokes and tried to keep a heavy situation feel a little less heavy. Couples seeking a divorce would be wise to choose Brown Family Law. They will be in great hands.
I wholeheartedly recommend Andrew Christensen to anyone facing a divorce or custody battle. His passion and thoroughness as a divorce and custody attorney are truly exceptional. You’d think his name was on the firm’s door with the way he handles business—pouring his heart and expertise into every detail, even though it’s not his firm! From our first meeting, Andrew went far beyond a typical consultation, taking the time to listen, understand my situation, and craft a strategy that led to a successful outcome in my custody case. His dedication, compassion, and meticulous approach make him stand out. If you need an attorney who will fight for you like it’s personal, Andrew is the one to call!
I absolutely believe that Brown Family Law is the best divorce attorney law firm in Utah. Attorney Ray Hingson did a fantastic job for me in a complicated divorce. He was there to guide me through the entire process. Ray touched base with me every week AND every time I called with worries or concerns. He handled things confidently and professionally. He took time to meet with me and explain everything so I could understand it. I felt like he really cared and wanted to do his best for me. His paralegal, Carren Leavitt, was also extremely helpful. All I had to do was pick up the phone and call her and she arranged a time for Ray to call me right back. She was always prompt and caring. I couldn't be happier!
Anne and Josh are Fantastic!!
I couldn’t have done it without Nathaniel Garrabrandt and the Brown Family Law truly the best experience and people to work with thank you!!
Brown Family Law is likely the most outstanding Family Law office in Utah. They care deeply about each client, responds quickly to every client question and concerns. If anyone is in a situation of divorce and/or child custody, I highly recommend this office to assist you with your rights. They stand firmly behind their clients.
Response from the owner:Thank you, Craig.
yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

Categories