Protecting Your Assets in a Divorce

Divorce can be such an emotionally difficult time that people may neglect to protect their property. In some cases, lawyers in Phoenix may be able to help.

Organize finances

One of the first steps should be to get a clear picture of your financial situation. This should include income, assets, debts and typical outlays for you and your spouse. Be sure to include retirement accounts, life insurance policies and other assets. You can present these to your lawyer and begin developing a financial strategy.
Check financial advice

While some people will need to ensure that their spouse is not attempting to hide assets, they should also make sure that they do not inadvertently give the appearance of doing so either. It may be best to check with an attorney before taking steps such as opening new accounts or moving money to new accounts because it might look as though you are trying to prevent your spouse from claiming their rightful share of the marital property.

Prepare to negotiate

Even though Arizona is a community property state, this does not necessarily mean all assets will be split 50/50. If you are particularly attached to a home or retirement account, you may be able to negotiate with your spouse to swap one for the other.

Post-divorce planning

When the divorce is final, be sure to remove your spouse as beneficiary from retirement accounts and insurance policies.