Scottsdale Attorney for Asset Protection in Divorce
A casualty of many divorce proceedings in Arizona is the financial situation of one or both parties. Maintaining two households and multiple vehicles costs a lot. Duplicating the children’s possessions between homes costs a lot. Because Arizona is a community property state, divorcing couples may need to sell assets to be able to divide the marital property as required by law. Many men and women are often unpleasantly surprised by the outcome of the property division process in divorce.
Experienced Arizona Asset Protection Lawyer in Phoenix and Scottsdale, AZ
At our Scottsdale family law firm, the Law Office of Karen A. Schoenau, our skilled family lawyer helps clients protect their separate assets so they are not included in the community property that must be divided. With more than 30 years of experience handling complex divorce-related financial matters in Arizona, Attorney Karen Schoenau can protect your assets and your interests.
In addition to being surprised by the outcome of the property division process, many people are also surprised by the divorce itself—they did not see it coming. Because so much of the work of asset protection must be completed before the divorce, a spouse who was jolted by a divorce request needs an experienced and knowledgeable lawyer even more. Having been caught off-guard by the divorce, they may not have taken the steps needed to protect their assets.
Protect Your Assets & Property in Advance of Divorce in Arizona: Consider a Prenup and Other Options
Although no one enters marriage anticipating divorce, people with significant assets should consider a prenuptial agreement. A prenup can define the types of property to be excluded or included in community property. It can also specify any financial settlement terms that would apply in the event of divorce or separation. A valid prenup takes precedence over Arizona law, permitting property to be divided as stipulated by the agreement. Moreover, if you do not have a prenuptial agreement before marriage, you can obtain a post-nuptial agreement that covers the same ground.
Other strategies to protect your assets in the event of divorce include:
- Keeping inheritances separate rather than commingled.
- Having at least one credit card in your name only.
- Understanding the details of your financial situation.
- Exploring the formation of an irrevocable asset protection trust.
An experienced family law attorney can advise you about the best strategy for protecting your assets if a divorce occurs.
Protect Yourself During Divorce in Scottsdale, AZ: Be Methodical
You may be thinking about divorce yourself, or may have just been blindsided by your spouse’s request for a divorce. In either case, there are things you can do to protect your financial situation. These include:
- Gather all your financial records that document separate and community property, such as bank accounts, credit cards, titles to real property, auto titles, brokerage accounts, tax returns, and anything else that can document separate and community property.
- Identify all personal property and financial assets that you inherited.
- Establish a personal bank account as soon as possible. If you already have an account, start using it for everything.
This is a basic list. If you and your spouse own a business jointly, it is important to protect the assets tied up in that business. Whatever your situation, you should learn about your options so that the property division process is fair.
Contact an Experienced Scottsdale Family Lawyer to Learn About Protecting Your Assets During Divorce
If you are thinking about divorce or have just learned that your spouse wants a divorce, take steps right away to protect your assets. Call Scottsdale divorce attorney Karen Schoenau at 480-725-1438 or toll free at 888-304-0928. You may also reach us through the online contact form.