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How To Protect Your Assets During Separation

By Author: Carl Glendon
Total Articles: 106

Separation and divorce are two entirely different things with each having different implications and consequences on the lives of the concerned couple. Basically, divorce is a complete legal annulment of marriage where the couple gets back to ‘single’ status. Separation on the other hand is like a time-out in marriage where the couple decides whether they want to get back together eventually or go for a divorce.

Irrespective of the fact that separation does not necessarily lead to divorce, the process can be very exhausting mentally, emotionally and more importantly, financially. In fact, it is the latter that leads to maximum hassles in the part of the couple with each trying to make the best out of the assets that were previously owned jointly.

The question of how to protect assets during separation thus becomes an issue that requires immediate addressing, and this is how you do it right…

Keepan account of everything you own –

It may not have crossed your mind before, but it is very necessary that you take note of everything you possess including jewellery, utilities, properties, vehicles, investments etc. If both parties in the marriage are working, economically independent and have contributed equally in buying the possessions, both will have equal rights on the assets during separation.

However, if there are any heirlooms involved, only the inheritor has complete rights over the same and the other party has no right to claim the same. This applies to antiques, family jewellery, watches, paintings etc.

The reason for separation is important–

Protecting assets becomes easier if the reason for the separation as well as who has initiated the process and why, is understood perfectly. If for example, you are the sole earning member in the family and your spouse opts for separation because he / she has fallen out of love with you and has found love interest elsewhere, you have a very commanding reason to hold on to your assets.

File for legal separation–

Filing for legal separation is an unbeatable way to protect your rights and assets through this otherwise trying process. A legal separation agreement documents each and every detail of the separation including cause for separation, assets distribution and other rights of the concerned parties and is enforceable by the court of law. With legal separation agreements, there is no chance of foul play as far as asset protection and unlawful claims for the same are concerned. For more information about a free marriage separation agreement form, please visit this website.

Author Resource:-

Carl writes often about legal drafting, rental lease agreement, marital separation agreement and help the people in such needs. You can find more about legal separation agreement blog. Please visit this website for more info about how to file for legal separation in TN.

Total Views: 43Word Count: 480See All articles From Author

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