Liquidating assets prior to divorce

In other scenarios, however, a spouse may be encouraged to sell artwork.

(Depp’s public relations representative and Heard’s lawyer did not respond to requests for comment.) The sale is unlikely to be motivated by Depp’s marriage to Amber Heard, says Randy Kessler, an Atlanta-based lawyer who wrote the book, “Divorce: Protect Yourself, Your Kids, and Your Future.” In February 2015, Depp and Heard were married in California, a community property state, meaning that the only assets that are likely to be divided are those acquired during the marriage, Kessler says.“When you can still count the term of a marriage in terms of months, it will be a smaller settlement,” he says.Headmaster Under a bill recently passed by the state legislature, as soon as a husband or wife sues for divorce by filing a summons in New York State Supreme Court, they are both required to not alter the economic status of the marriage from that point on.As soon a person receives a divorce summons they can no longer move money or other property around to hide it or shield it from claims by their spouse.If a business was owned at the date of marriage, its date of marriage value can be deducted from that spouse’s net family property.

In order to do so, that spouse will have to indicate the value of the business at the date of marriage.In years past, planning a divorce also meant planning to be the first one to clean out the bank accounts and redistribute property and other assets before their spouse or spouse’s lawyer could make any moves to grab it in court.Until the new statute was implemented the parties in a divorce had to seek a court injunction to prevent their partner from the removal, sale or other redistribution of assets.Some people even see divorce as a way to seek revenge on a spouse by seizing money and assets.Although divorce can bail you out of an unhappy marriage, it can also milk you for all you are worth if you don't know your rights.Visit GOBanking Rates for more on divorce Individuals often make the mistake of assuming that assets that are in their names can't be claimed by spouses in a divorce.