Asset Protection Attorneys in Rhode Island
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The division of marital property can be difficult when much of that property is not in liquid assets. A business, a home, other real estate property, and other investment assets can present a challenge. The Rhode Island asset protection lawyers at our law firm have extensive experience helping divorcing spouses protect their assets from devaluation or waste.
How our attorneys can help you:
- Our attorneys can work with you to structure the division of assets in order to maximize the gains to both parties.
- We will work with you and your spouse’s attorney to ensure proper disclosure of all assets.
- We will help you defend assets that are non-marital, and thus, unavailable for division. Non-marital assets include those held before marriage and those gifted to or inherited by one of the parties. (If non-marital assets were commingled with marital assets, the status becomes more difficult.)
- We can work with you on valuation of a business for fair and equitable division.
- Our divorce lawyers have the understanding and knowledge to work with you on the reorganization of a marital business.
- If you are married or considering a premarital agreement, we can work with you to minimize your exposure and protect non-marital assets.
With a business-oriented approach, our Rhode Island family lawyers can guide you through asset protection matters. While maintaining a focus on asset protection, our law firm will help you through the financial disentangling that often accompanies a divorce or separation. Our attorneys work with the goal of maintaining the value of all assets throughout the process of property division. We have worked with clients with assets ranging from tens of thousands to tens of millions of dollars.
Different Ways to Protect Your Assets
Understanding the importance of asset protection is only half of the challenge. You also need to be able to put your knowledge into action and actually take steps to protect what you believe should be yours after a divorce. Due to the fact that a judge can use their discretion during a divorce proceeding, there is no formula or pattern to follow to guarantee that you will get the pieces of your assets you would like to keep. There are, however, some tips, hints, and general information you should know that can increase your chances of success.
If you want to protect your assets in divorce, remember:
- Inventory: Creating a photograph catalogue of all your valued possessions is an easy way to begin your asset protection efforts. Take pictures of jewelry, heirlooms, expensive electronics and appliances, and automobiles that belong solely to you and arrange them in an album. Your lawyer can review it with your ex-spouse and their attorney to point out what they agree is yours.
- Prove: There is bound to be at least one item in your separate property that your spouse thinks also falls under their ownership. They might be simply mistaken or they could be trying to pull a fast one. Get proof, such as receipts, financial transactions, or written statements from the person who gifted you the item, to back up your own claim.
- Retrieve: If you have agreed or decided to be the one to leave your marital residence while your divorce progresses, you should arrange to get your private belongings out of there as soon as possible. Be careful not to snatch up anything that could arguably be marital property and your ex-spouse genuinely needs on a day-to-day basis. Please notify the sheriff or police when you intend to return to your residence if domestic violence was a contributing factor to your divorce; do not enter any situation that could put you in danger.
- Appraise: You need to know the full and fair value of any real property you share with your spouse. A professional appraiser should be able to make quick work of this task. When the divorce court is dividing up your property equitably, the estimated market value of your home will help the judge decide who gets what and why.
- Alter: Did you make a will or set up a trust? Does it name your ex-spouse as an inheritor or executor of your estate? If so, you should alter your estate plan as soon as possible, for divorce does not automatically remove a person from those responsibilities or rights.
Ensure Your Interests Are Protected. Call (401) 216-4414.
If you are concerned about asset protection and the division of your marital assets, turn to our trusted team of Rhode Island divorce attorneys.
Schedule your consultation to learn more about protecting your rights.