4 Useful Tips for Dividing Property Equitably in Your Divorce
– Handy Information from an Experienced Divorce Lawyer in Shreveport, Louisiana
A common question asked by those starting divorce proceedings is, “How can I keep more of my stuff?” Both parties feel the pain that comes with taking years of togetherness and trying to divide assets equitably. In some cases, one spouse feels they are entitled to more than what the law states. This may lead the spouse to consider hiding assets. Instead of working against the system, start your proceedings by hiring a knowledgeable and experienced Shreveport divorce lawyer. They will ensure you understand Louisiana’s family law and aid you in getting a fair settlement of marital assets.
4 Suggestions to Help You Keep More of Your Assets
There’s a chance for you to keep more when you play by the rules. Here are four suggestions you should consider:
- Disclose all your assets…all of them. The first step you should take is to be upfront and honest about all the assets you own. You may think hiding them or ‘giving’ them to a friend is a good idea and will ensure you keep more in the end. The repercussions are huge if you’re caught. First, you may be charged penalties for contempt of court. Second, you could lose half or the entire amount of the asset and pay additional fees when it’s discovered. Finally, hiding assets makes you look bad in the eyes of the court. Be honest and the courts will consider your arguments.
- Disclose all your debts. A lot of assets come with even higher price tags. That 401k you’ve contributed to for 20 years is not worth the $400,000 you put in if you had to take out a $100,000 loan to pay bills. The judge may rule that the value is $400,000, award your spouse $200,000, and leave you with a net worth of $100,000. A similar scenario could happen if you own a small business. It could be over-valued by not disclosing all the company’s debts, leaving you with fewer assets.
- Keep thorough records. Money that comes into the marriage during its course may be considered jointly held. For instance, if you received an inheritance from your parents, you may be able to protect it if you can prove that you were the original intended recipient. Other items may be easier to prove, such as cars and furnishings. Keeping records is a good habit to have in place, no matter if you are going through a divorce or not.
- Be willing to negotiate. You may not get to keep everything you would like, but by negotiating, you may be able to keep more of what you really want. An experienced divorce lawyer can aid you in discerning what is negotiable and what isn’t.
Choose David L. White to Ensure Your Assets Are Protected
Keep more of your hard-earned assets when you work with your divorce lawyer in Shreveport, David L. White. He has the experience to walk you through this emotionally exhausting process. He and his team will look out for your best interests so that you can move forward with confidence.
Contact your divorce lawyer in Shreveport, Louisiana, to discuss your case and discover your options. Give us a call at 318-747-7023.
