Securing Your Assets with Divorce Lawyers in Fort McMurray

One of the most important pieces of advice that a Fort McMurray divorce lawyer will give you when you are going through a divorce is that you need to protect your assets. The Fort McMurray divorce lawyers at Flett Manning Moore understand that going through a divorce is hard enough without also having to worry about how to protect your assets, which is why we've put together a straightforward guide that can help you through this process.

Take Early Steps to Divide Your Finances

Once you and your partner have decided to divorce, it is important to start separating your finances. If you share a joint bank account, then you need to open a checking and savings account under your name for future income. Begin establishing credit in your own name as well, and take steps to unlink your joint debts.

You'll also want to alert any insurance providers, particularly health insurance providers, of your divorce and of any coverage change. Collect all of the information pertaining to your health and dental insurance coverage.

Take Careful Stock of All Assets

In order to ensure that the divorce ends in a fair settlement, you are going to need to take careful stock of all jointly shared assets so that they can be factored into negotiations. Make copies of financial records such as your bank statements, retirement accounts, investments, and income tax returns.

You will also need to make a complete inventory of all jointly shared items which will need to be divided, especially valuable ones. This includes items such as vehicles, antiques, artwork, boats, collections, and jewelry. Take pictures and consider having some appraisals done.

Try Not to Become Too Attached to Certain Assets

While you need to make sure that you are properly valuing all of your assets, you will also need to make sure that you aren't overvaluing and becoming too attached to specific ones. Your negotiations should be backed by a thorough research on market value rather than sentimental attachments; otherwise you may end up with a lopsided settlement.

Additionally, cash is always far easier to divide than assets, so if an agreement about certain items can't be reached then, consider, it might simply be better to sell the item off and divide the profits evenly.

Can Property I Acquire after Separation be Divided?

Separating or divorcing couples often wrongly assume that any property they accumulate after separation can no longer be divided. Property can be divided until a settlement agreement is reached, a divorce judgment is granted or until a final trial of your litigation is heard and determined. Property and debts existing as of the date of separation are regularly agreed to by spouses entering into a binding separation agreement, however if the separation is of a long duration before an agreement is reached an alternative date may be agreed upon and used for the purpose of settlement. In addition, a trial judge will consider the date of separation as one of many other factors in determining a final division of property and debts accumulated during the relationship.

Contact Experienced Divorce Lawyers in Fort McMurray

When trying to protect your assets during a divorce, the most beneficial step that you can take would be to consult with an experienced divorce lawyer in Fort McMurray. Someone who has helped numerous people in your exact position is absolutely the best suited person to help you during what can be such a stressful time.

At Flett Manning Moore we will make sure that your legal interests and your assets are well protected. We'll provide you with information about your rights, and give you advice on how to resolve any outstanding issues. For a free consultation with a Flett Manning Moore Fort McMurray divorce lawyer, simply call or email Flett Manning Moore today.