Divorce Advice for Men | Fathers Rights Divorce | Child Custody

Question:

My wife and I are separated, but we have not filed for divorce yet.

I recently purchased a vehicle during our separation period and want to know about property division laws.

Since we are still legally married, does my wife have any rights to my vehicle even though it is exclusively in my name and it was purchased during a separation?

By Grant Webb

Bisk Education

In divorce cases where hidden assets are suspected, it is often the husband who has been accused of concealing accounts or funds that might be used against him during the settlement proceedings. 

However, this fraudulent financial activity is not limited to just men. More and more women are in charge of handling their family’s finances, meaning that a woman may be just as likely to hide assets from her husband in order to manipulate a ruling in her favor.

The important thing to know is that when one spouse possesses the bulk of a household's financial control, he or she naturally gains the upper hand in their monetary affairs, making it easier to hide assets.

Wills and trusts are two different types of estate planning devices that allow you to look into the future and determine how you can protect your children and your assets if something were to happen to you.

Financial adviser Dan Danford, CFP®, CRSP®, MBA, said many people use the terms wills and trusts interchangeably even though there are major differences between the two.

Danford explains the disparity and in what situations people are more likely to need a will or a trust. He also suggests that any asset protection estate planning document should be handled by an attorney. For a small fee you can ensure a lifetime of peace of mind, according to Danford.

By Sara Pitcher

Cordell & Cordell Indiana Divorce Lawyer

The majority of states divide property via equitable distribution with many of those states presuming that marital property division should be equal.

This presumption may be rebutted with the presentation of evidence by either party that an equal division would not be just and reasonable.

Asset protection is an area of law in which your attorney works with you to ensure that the assets you have worked to accumulate are legally safeguarded. 

Divorce is a major financial event that can have repercussions for years to come, as it often is difficult to financially recover once your assets are split. 

Financial adviser Dan Danford, CFP®, CRSP®, MBA, shares his financial tips on what you can do to make this transition a little easier financially as you try to protect your assets in divorce.

Note: Cordell & Cordell divorce attorneys offer asset protection.