How to Protect Your Assets in a Divorce

Your marriage is “out of balance” and you’re thinking about a divorce. It is wise to be aware from the beginning that another balance is one of the issues—the balance of your bank account.

Jack W. Carney-DeBord, divorce attorney of Jack’s Law Office in Delaware Ohio, has written a guide to divorce that can help you every step of the way to have your marriage end in the way most advantageous to you. Reading this guide before you take another step can help you avoid “pitfalls” you might otherwise step into.

One of Carney-Debord’s points in his divorce guide is about how to choose a divorce attorney, including making yourself familiar with retainer and billing schedules before you even meet the attorney for your initial consultation. He notes that “Some divorce attorneys charge for the consultation and some don’t. I have always been a big believer in ‘nothing is for free’ and that our client’s ‘time’ is very important to us.”

The divorce guide will walk you through what the divorce attorney you choose is likely to say at that first consultation. Of course, financial matters will be discussed. One question will be “What is your financial situation?”

Follow up questions may include:

  • Do you know what accounts you do or don’t have?
  • Do you have a list of your assets and liabilities?” Carney-DeBord explains that assets are simply the stuff everyone has – cars, boats, bank accounts, retirement accounts, etc. Liabilities (debts) include mortgages, equity lines of credit, car loans, school loans, and past-due taxes. 
  • Do you have a balance sheet? (One may be needed for the divorce process.)

In his book, Carney-DeBord also advises the reader to disclose all assets and liabilities to your attorney and the court. You should be aware that you will be under oath when you fill out your financial affidavit. Carney-DeBord says, “It is never a good idea to hide assets or debts.”

As of yet, you may not have considered the pre-marital property question.

Jack’s advice:

“Tell your divorce attorney if you own property that was brought into the marriage or inherited. Such property should probably be listed as separate property on your disclosure sheet and not be subject to division. Have documentation to support your claim.”

If you read Carney-DeBord’s guide to divorce, you will know in advance what information and paperwork you will need when you discuss your case with your attorney. The information will also eventually need to be submitted to the court.

Knowing what information you need to have on hand in advance is far more preferable than having to scramble to come up with documentation and specifics at the time they are required. Knowing how important financial issues may be in ending your marriage, you should realize that you can’t afford to skip Jack Carney-DeBord’s guide before you set out on the emotional roller coaster of divorce.

From his guide, you will not only learn more about the financial issues of divorce, but you will also receive other practical advice to make the divorce process go more smoothly.

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Columbus, OH

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305 S Sandusky St

Delaware, OH 43015

(740) 369-7567