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Failing to protect assets by far one of the most avoidable mistakes many divorcing spouses make. It is always baffling as to why many people, would rather fritter away assets, instead of splitting them amicably with their soon to be ex-spouse. Many people take the position that they would rather lose the asset than to share it with their spouse. Don't make this mistake. Put aside anger and revenge and protect your assets. Your anger, hurt and pain will subside overtime, but once lost an asset will not be recovered. You have likely worked very hard to amass assets.  Here are  some tips to protect your assets:  

Make every possible effort to settle your divorce amicably:  

The more acrimonious and contentious your divorce is, the higher the legal fees and cost will be. If you and your husband can negotiate a  settlement and avoid a trial, you will save thousands of dollars. Be reasonable and realistic during settlement negotiations or mediation.  

Stay involved in family finances:
It is common for one spouse to maintain responsibility for the family finances; paying of bills and keeping financial records.  During the divorce process, it is crucial that you understand and are fully aware of the ongoing expenses.  Maintain or obtain oversight of investments, accounts and liabilities.  

Be sure all bills and debts are being paid:  

It is not uncommon during divorce to stop paying bills and debts, especially joint debts. It is crucial to that debts be paid in order to ensure creditors do not repossess assets. If your spouse has agreed to make payments, always,  double check with creditors that payments are actually being made. Do not wait for a creditor to contact you that a payment has been missed. If you discover that payments are not being made as required, act immediately.  

Maintain asset condition:  

The value of many assets is contingent on the physical condition of the asset.  A house in disrepair will not be as valuable as if it were in good condition. Make sure to continue with maintenance  and upkeep of assets.  

Laurie Giles, is an attorney, mediator, life coach and author.  She has practiced law for more than 20 years of Springfield college and Rutgers University Law School. Laurie is the author of the What Now? Elder Planning: a Step By Step Guide To Navigating Through Your Parents Aging and What Now? Divorce Planning; A Step By Step Guide to Navigating Through Your Divorce. The  What Now? book and  workbook series available on Amazon,  help women navigate through the practicalities of life altering situations and develop a plan to create the life they deserve. She is the host the Her Insight Media  internet radio show, What Now? [Link Removed] 


Lauriebg, Your links have been removed, please consider upgrading to premium membership.

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    • +1 votes vote up vote up

      Susan McCord wrote Apr 28, 2010
    • Stay involved in family finances: This is so true! So many women do not have any idea what their financial assets are. We all like to think our relationships will always be forever wonderful, but life changes and so do people. Always be "in the know" about where the money is and where it is going. Have access to all the accounts, passwords and statements. This is not being jaded, it is what any business person would do. Your assets are your business.
      Cheers, Susan



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    • 0 votes vote up vote up

      Linda Joyner wrote Mar 8, 2011
    • THANK YOU FOR POSTING BLOGS ON THIS SUBJECT OF DIVORCE ISSUES... AND WHAT TO DO AND NOT TO DO.. I AM GETTING READY TO GO THROUGH A BATTLE WITH MY OTHER HALF,... I NEED ALL THE ADVICE I CAN GET...
      THANKS LJ



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