A divorce can bring out the worst in a couple. Some spouses try to take all of their spouse's assets out of spite. The divorce process can get you out of an unhappy marriage. However, if you are not sure how the law works, then you can come out with a depleted bank account. Read on to find out how to stay on the winning side of divorce.
Buy Big Purchases Before Filing
If you are thinking about purchasing a vehicle or another expensive purchase, then you should do it before filing for a divorce. It is against the law to make expensive purchases when going through this process. Many states will issue an automatic financial restraining order to stop someone from making expensive purchases. A financial restraining order was put in place to stop spouses from draining marital assets.
All Property Is Fair Game
Married couples buy things together all the time like a house. It is also common for a spouse to buy something and just put it in one person's name. The item is still marital property even if in one person's name. All property is fair game in a marriage. Examples include royalties from a book or frequent flyer miles.
This rule holds true because both parties are responsible for liabilities. If your spouse has a credit card debt, then you share the debt as a couple.
If you are in a toxic marriage, then it is common to want to leave immediately. However, you cannot leave before gathering information. You will need to gather certain information before moving out of the home. It starts with taking pictures of your assets. You should make copies of bank statements and make note of any important numbers. This information can be used as evidence in court.
Know The Value Of Assets
If you want to get fair share of marital assets, then you need to know the value of your assets. For example, if you have a coin collection, then you should not guess. There are appraisers who can inspect coin collections, engagement rings, businesses and real state property.
This information should be gathered before moving out of the home. Preparing in advance allows you to come out of top of your divorce.
It is important to keep your emotions in check. Getting out of control can cost you money. If you are considering a divorce, then you should contact professionals like Gomez May LLP.