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
4.8
Based on 912 reviews
Nathaniel Garrabrandt and Brown Family Law is where I send people who are seeking Divorce. Highly professional and compassionate. Thank you!
I cannot say enough good about my experience with Brown Family Law. Ray Hingson and paralegal Carren did an excellent job with my case. I will definitely use this firm again for any legal issues.
I have worked with Andrew Christensen many times in a variety of situations. I am very impressed with his friendly demeanor in a difficult situation. I would highly recommend him to you without any reservations.
Highly recommend Brown Family Law. Life is hard, divorce is harder, and Andrew Christensen is your guy to help you through to the other side.
When you’re going through a tough time and need legal help, this firm isn’t just a one-person operation. It’s a team of attorneys who work together to support you every step of the way. So you’re not just getting a lawyer, you’re getting a legal team behind you.

Navigating the legal system was a steep learning curve for me, and my situation was fairly complex. What stood out about this law firm was the way multiple attorneys collaborated to address my case. It wasn’t just one person working in isolation, but a team supporting each other to find the best path forward. That kind of collective effort is a real strength, especially in hard out complex situations like mine.

There was one issue I felt should have had a different outcome with the court. When I brought it up, the team responded in a very professional and respectful manner, which I truly appreciated. It came to my understanding that the legal system sometimes works in a way that is distant than I thought. This was presented to me in a way that someone outside of the legal system could understand.

In my experience, this firm takes the time to not only assist you, but also help you understand why things are happening. That made a big difference for me, and it’s something that really sets them apart.
Response from the owner:David, thank you for our conversation and taking the time to leave this review.
My experience with Jennifer and Brown Family Law was nothing short of amazing. From the very beginning of my initial consultation all the through until my case was settled, I was well taken care of and updated every step of the way. I felt like my team genuinely cared about the outcome of my case, which was refreshing. You get what you pay for, and Brown Family was worth every penny. To say I highly recommend this group is an understatement.
Response from the owner:Thank you very much, Steve. Glad Jennifer took good care of you.
Andrew Christensen was a great divorce lawyer. He is very experienced, professional, and was great to work with during this difficult process.
Response from the owner:Casey, thank you and so glad Andrew served you well.
Made my divorce quick and painless. 5 months ago I was feeling very overwhelmed. There was legal issues with protective orders, my ex wife had taken my kids to another country without my consent, I was in way over my head. After speaking with brown law they calmed my nerves took over my case. A few video calls and 5 months later my divorce is finalized with a fair outcome for everyone. It was easy and stress fee, it didn’t even feel like I was going through a divorce.
Response from the owner:Thank you so much, Brian. Sorry you went through all of that, but glad we were able to help.
Jennifer was excellent! She was always responsive and kept me updated on my case. while the billing was a little different from what I expected, her expertise was invaluable. I highly recommend her. And I appreciate everything she's done for me and may case.
Response from the owner:Jennifer, thank you and glad Jennifer was able to help you and kept you updated.
Going through the divorce process can be overwhelming, exhausting and emotionally draining.
I did my homework to find the perfect lawyer to represent me knowing I could have peace of mind throughout the process.
Leilani Whitmer and her paralegal Idania did not disappoint. Their professionalism and dedication to my case was outstanding and fair.
Leilani had just had surgery a few days before mediation and showed up on crutches and ready to go. That’s dedication!!!
I am highly recommending them to anyone looking to feel at ease during a difficult time.
Response from the owner:Lesia, glad Leilani and Dani took such good care of you.
yH5BAEAAAAALAAAAAABAAEAAAIBRAA7

Categories