If you’re going through a divorce, or fear one is on the horizon, how your assets are handled can be a growing concern. As the temperatures shift and fall leads into winter, it’s reasonable to wonder what happens with frozen assets during a divorce.
Divorce stirs up many emotions including sadness, anger, and pain. You may be sad that the marriage didn’t work or angry that it’s ending. A high net worth only complicates those feelings. If you have a high net worth, you’ve probably spent years working to build your wealth. The fear of losing everything during the divorce is real – and one you should talk to your divorce lawyer about.
High asset divorce has many complex facets that have to be carefully addressed. An experienced divorce lawyer can provide you with specific guidance on how to handle this situation, but here are some things to consider:
- If you are the spouse with high assets, you have to think of what is best for your future.
- If you have children, you must consider what is in their best interests.
Your spouse has to do the same, and this may lead them to attempt to freeze your assets during the divorce process.
During the proceedings, the judge will equitably distribute all marital assets. Assets include bank accounts, investment portfolios, retirement funds, insurance policies, real estate, and business holdings.
You’ll need to disclose your assets at the beginning of the divorce process and your spouse’s attorney can subpoena bank records, tax returns, and credit card statements during the discovery phase.
Any irregular activity, like sudden large transfers or nondisclosure of assets, will be revealed and could be detrimental to your case.
A spouse can file a motion with the court requesting that the court freeze financial assets in order to protect them. The motion must include the reasons why the spouse thinks the assets are at risk, and the requesting spouse may be required to sign an affidavit under oath for the court order.
The spouse requesting the motion to freeze bank accounts or other financial assets must provide compelling evidence as to why this should be done. The spouse must demonstrate to the court that the other party will misuse or squander the funds.
If you’re concerned about frozen assets or have other divorce or family law questions, Sauls Law Group has a team of experienced divorce lawyers ready to help you with your case. We’re happy to answer your questions about child custody, alimony, and equitable property division.
Contact us today at 770-212-9168 to schedule a consultation.