More often than not, divorce is unexpected. It is one of the many things that you have not prepared for, knowing that you are anticipating a long and healthy relationship. Nevertheless, it is an essential legal remedy. When you decide to be separated, you have to understand that there are some problems and issues that you need to settle. Dividing the shared assets is one of them. However, emotions may get in the way, thus delaying the progress of the case.
One of the first things that you need to do is to protect your assets. Of course, this is easier said than done. But law firms and offices offering litigation and mediation services may dispense some pieces of advice, some of which may be listed here:
List down all your personal assets
You need to gauge the value of personal assets first. And one way of doing it is by listing everything you have owned, bought, and invested in before the marriage. Do not miss anything as much as possible. When you have listed down all your assets and determine their overall value, you now know how much you are going to protect. From here, you can determine which kind of protection each asset may require. Advice from an attorney may be necessary.
Gather the documents of your pre-marital assets
It is not enough that you have just listed down all your assets. You need to prove that you are actually their owner and that you have acquired them before the marriage. This means that you may collect your real estate documents before your partner finalizes his divorce files. If you own antiques and luxury items, you may need to show certain certifications.
Add another layer of protection by creating copies of the pertinent documents and even taking pictures of the things that you own. Documentation is an important procedure in divorce, and you must understand that.
Try mediation first
The goal is to protect your assets. And sometimes, protecting your assets may mean not using them up as a source of money to pay your divorce attorney and certain divorce fees. Divorce can be expensive, and it may even force you to use your assets to sustain the battle. But the battle does not always have to be aggressive and ugly. If possible, consider using a mediator; this is much cheaper than attorneys, to be honest.
Your financial dynamics will change eventually, and you will find yourself covering major expenses. When you reach this phase, you should streamline your financial strategies to avoid getting debts. When you get large debts, you might have no choice but to convert your assets into cash for you to pay back the creditors. A lifestyle change will be necessary.
A Big Change
Divorce will bring big changes to your life, especially in the financial aspects. As you prepare for it, you should not lose sight of a major priority — which is protecting your assets. These premarital assets will be a reminder that you can be independent and start again. After all, you have acquired them even without your spouse.