How to protect your assets during divorce – What you should know

   Family Law    July 17, 2023  |  0

Divorce can be a challenging and emotionally draining process, but it’s crucial to protect your assets during this time of transition.

Understanding the legal steps surrounding asset division is essential for securing your financial future.

Gather your financial information

To protect your assets effectively, start by collecting all relevant financial information.

This includes bank statements, tax returns, business documents, and any other documentation related to your assets.

Having a clear picture of your financial standing will help you make informed decisions throughout the divorce proceedings.

Consider mediation

In some cases, opting for mediation can be a less adversarial and more cooperative approach to asset division.

This alternative method of resolution promotes open communication and aims to find mutually acceptable solutions.

By choosing mediation, you can retain more control over the outcome, which may result in a more favourable asset division agreement.

Evaluate the matrimonial and non-matrimonial assets

The court considers both matrimonial and non-matrimonial assets during divorce proceedings.

Matrimonial assets typically include property acquired during the marriage, while non-matrimonial assets refer to those owned before the marriage or received as inheritance or gifts.

Understanding the distinction is crucial, as non-matrimonial assets may be less susceptible to division, depending on the circumstances.

Obtain a fair valuation of assets

Accurate valuation of your assets is crucial for ensuring a fair division.

This may involve obtaining professional valuations for properties, businesses, or other significant assets.

A fair valuation will provide a solid basis for negotiating a settlement or presenting your case in court, ensuring that you receive your fair share.

Protecting business assets

If you own a business, it’s vital to take proactive steps to safeguard it during divorce proceedings.

This may involve exploring options like shareholder agreements, prenuptial agreements, or post-nuptial agreements to define the ownership and protect the business from potential division or sale.

Seeking legal advice specific to business protection can be instrumental in securing your interests.

Protecting your assets during a divorce requires careful planning, expert advice, and a clear understanding of your rights.

For help and advice with family and relationship matters, please get in touch with Alison Green, Head of our Family and Relationship Team at Mackrell.Solicitors on +44 (0) 20 7240 0521 or at alison.green@mackrell.com.

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Alison Green

Alison Green

Partner at Mackrell.Solicitors
Alison has more than 25 years’ experience assisting clients with Family and Relationship matters. Her expertise covers matrimonial work, including divorce and the associated financial and children issues; pre and post-nuptial agreements; co-habitation disputes; civil partnership agreements and the breakdown of civil partnerships.
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