Strategies for Preserving Separate Assets during Divorce
All too frequently in a divorce, one of the spouses will find that the separate property they were relying on to be retained following the divorce becomes depleted in the often long gap between the initial filing and official divorce order issued by the court. This can occur in a number of ways, as the mingling of assets is a natural part of marriage that can easily obscure the separate nature of certain property due to the legal doctrine of commingling.
At Holmes, Diggs & Sadler, our legal team is committed to protecting the rights and interests of our client through knowledgeable advice and guidance and can help you to protect your separate assets throughout the course of your divorce. To learn more about your rights and options for preserving your separate assets, call us today at (713) 802-1777 to speak with our experienced Houston property and assets attorneys.
Strategies for Protecting Assets
The primary means of preventing the depletion of your non-marital assets is to avoid mingling these assets with your marital assets or using these funds for marital expenses. The following are a few effective strategies for keeping your separate assets separate until the divorce is finalized:
- Opening a new checking account at the time of separation in which only marital property is deposited in and withdrawn from
- Utilizing asset tracing to track separate assets in commingled accounts
- Paying all marital living expenses out of a line of credit taken out after the date of separation
- Refraining from spending any separate assets on marital living expenses
- Freezing any account containing separate property until asset tracing can be completed
All of these strategies can help to ensure that separate property does not become commingled with marital property.
The legal team at Holmes, Diggs & Sadler fully understands the intricacies of divorce proceedings and has extensive experience managing the accounting of such splits to help protect the rights and interests of spouses in possession of separate property. To discuss the details of your case with an experienced Houston divorce lawyer, call us today at (713) 802-1777.