6 Ways Northern Divorcees Can Protect Their Assets During a Divorce

Many people put off the idea of divorce in fear of being left with nothing, but there are some ways to avoid this. Here are 6 ways divorcees can protect their assets.

It can be a daunting prospect filing for divorce. Many people actually put off the idea of a divorce out of fear of losing money and assets in the divorce settlement.

Most couples try to come to their own settlements by using a financial consent order; a legally binding agreement that would protect assets and finances. However, this only tends to work out if the breakup is amicable and communication is still good between the divorcees prior to proceedings.

Without a consent order or open discussions, there is little you can do to stop assets being divided fairly. There are some steps Northern divorcees can take, though, to ensure assets are protected as best as possible. Read on for six steps to take to protect assets…

1. Hire a Divorce Solicitor

Firstly, it’s best not to bury your head in the sand about anything that involves legalities and finances. Both spouses tend to do better the more structured the process of divorce is. So, hiring a good divorce solicitor is the best way to ensure you come out with a fair deal.

Not every divorce case has to go to court – you could save on legal costs if both parties manage to negotiate and come to solutions to their disputes and finances. This way, it’s unlikely a court would have to decide.

2. Don’t Attempt to Hide or Transfer Assets

It may seem like a clever idea to transfer assets into your name, or somehow attempt to hide them from a settlement discussion, but this would be a sure mistake to make. Any attempt to conceal assets is extremely risky.

If found out, this could land you with a heap of penalties to pay in the financial distribution. The court could also order you (the asset-transferer) to pay some or all the ex-spouses legal fees.

3. Protecting Your Home

If both your names are on the deeds to your family home, then you’ll both be responsible to pay your mortgage as normal. If your ex-spouse leaves the family home, they are still liable to pay, so not to leave you in financial difficulty.

If your home is owned in your ex-partner’s sole name, it’s important that you register your interest on the property to the Land Registry. This way, nothing can happen with the property without you being notified and able to take appropriate action.

4. Contact Your Bank

If you have joint accounts or loans with your ex-spouse, then one of the first moves you should make is to contact your bank or loan provider and explain your circumstances. You may need to act quickly on this, as with joint accounts you’re co-scored, so any debt that is run up on these accounts could ruin your credit score quite easily.

You’ll both still be liable for the entire debt with any joint loan. However, you can ask your bank to change the way the account is set up so that you both have to agree to any money being withdrawn or to freeze it.

If you have any credit cards in your name, and have given a second one to your ex-partner, then it’s important you contact the bank and ask if there is a way to block the second card to avoid any unexpected spending.

You will be liable to pay any credit card debt in your name. You can always try simply asking for the second card back from your ex-partner. If this isn’t possible, then phone and explain the situation for further advice.

5. Open Your Own Accounts

This may sound like a shady move and, in some cases, it can be if you’re not completely transparent about it with your ex. As mentioned, it’s best not to conceal any assets so, as long as you’re open about what you’re doing, it shouldn’t go against you in court.

Opening your own accounts can be useful to start building on credit so you can more likely borrow in the future, especially if you only have joint accounts. You can always withdraw from joint accounts into your own account, but don’t attempt to empty any joint accounts, as this will only go against you in legal proceedings.

It’s also a good idea to make sure your pay is going into your own account, not a joint one so that only you have access to money you earn.

6. Change Your Will

Updating your will just ensures that your ex-spouse isn’t a beneficiary. In most cases, a divorce doesn’t always mean your ex will be removed from your Will. Making these updates will make your new wishes legally binding.

Don’t panic when it comes to assets being divided…

When it comes to dividing assets up during a divorce, there really isn’t many places to hide. From this article, you can tell how much easier it would be to keep communication open with your ex-spouse where possible before proceedings start.

If there’s been a rocky end to your relationship, try to smooth things over (and make sure to get a good solicitor!).

Please be advised that this article is for general informational purposes only and should not be used as a substitute for advice from a trained divorce professional. Be sure to consult a divorce professional if you’re seeking advice about going through divorce. We are not liable for risks or issues associated with using or acting upon the information on this site.