Double Checking The Numbers: 3 Places To Look For Assets Before Filing For Divorce
Posted on: 28 December 2016
Although the notion of being married to the love of your life for forever is quite romantic, it's a rather difficult task. Due to irreconcilable differences and a whole array of other reasons, 40% to 50% of married couples in America will choose to get a divorce and go their separate ways. If you've played around with the idea of filing for divorce, you should really learn how to protect yourself financially first. This is especially true if you are the more financially dependent one. It's not unusual for married couples to try and hide assets from one another during divorce proceedings. With that said, here are 3 places that your divorce attorney might encourage you to look for assets, so that you know what is your exact financially standing.
Take a Quick Peek Inside the Storage Unit
Physical assets are hard to locate and pinpoint. Although your spouse might not have a lot of cash in the bank, it doesn't necessarily mean that they haven't invested their money in physical objects like artwork, luxury goods or even collectible items. For example, luxury handbags often go for thousands of dollars, and they have a high resale value as well. When getting a divorce, you might be entitled to the value of some of the assets that were purchased during the marriage.
With that said, it's highly unlikely that your spouse has stashed away all of their assets at home. That would simply result in too much clutter unless your spouse was collecting small items, like valuable coins. There are approximately 53,000 storage facilities in America, and if your family happens to rent one, make a quick trip to your storage unit in order to get a good idea as to whether there are any valuables stored inside.
Make an Appointment to See the Safety Deposit Box
Some of the more expensive assets are jewelry, emergency cash, and even title to vehicles and houses. These items are normally stored safely inside the safety deposit box at the bank, so that's another place you should visit as well. Keep in mind that you can only visit a safety deposit box if it's under your name as well. If your spouse has a safety deposit box that is only under their name, let your divorce attorney know, and they'll know how to proceed from there.
If you're going to be visiting the safety deposit box, take photographs of what's inside when you get there. A photograph can help your attorney determine which assets to fight for and which assets aren't worth the struggle or your time of day.
Go Through the Trash to Look for Pay Stubs, Bank Information and More
If you have any additional time, consider looking through the trash, or even around the house for that matter, for pays tubs, bank information and any other types of document that might detail the value or presence of any assets that are under your spouse's name. This can give you a good idea of what your spouse has tucked away from a rainy day, especially if you and your spouse do not have joint accounts.
Don't open any mail that is addressed to your spouse, as this can be considered illegal. You want to wait for your spouse to leave opened mail around before taking a quick peek. Even if they don't, you should still make a note of which financial organizations and institutions are regularly sending them documents.
Conclusion
Before you file for divorce, know where you st and financially, especially if you rely on your spouse financially. Divorces can get rather ugly, and your attorney will do their best to protect you from financial distress and hardships. Click here for more information on potential divorce attorneys.
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