Divorce is never easy—emotionally or financially. One of the most challenging aspects is dividing property and assets, especially when emotions are high and the stakes are even higher. At the Law Office of Steven J. Hart, we understand how important it is to protect what you’ve worked hard for. If you're going through a divorce in Rhode Island, here are key strategies to help safeguard your assets and ensure a fair settlement.
Understand Rhode Island’s “Equitable Distribution” Law
Rhode Island follows the principle of equitable distribution, which means marital property is divided fairly—but not necessarily equally. The court considers various factors like the length of the marriage, each spouse’s contributions, and earning capacity. Knowing this helps set realistic expectations and build a stronger case for asset protection.
Identify Marital vs. Separate Property
Not all property is subject to division. Marital property includes assets acquired during the marriage, while separate property includes anything owned before marriage or received as a gift or inheritance. Clearly identifying what falls into each category is essential for protecting your personal assets.
Tip: Keep documentation for all separate property, including records of pre-marriage ownership, inheritance, or gifts.
Take Inventory of All Assets
Create a detailed inventory of all your assets—real estate, bank accounts, investments, retirement accounts, vehicles, and personal property. This helps prevent any hidden assets from being overlooked and ensures an accurate division.
Don't forget: Even items like furniture, artwork, and collectibles can be valuable and should be listed.
Avoid Commingling Funds
Commingling occurs when separate and marital funds are mixed, making it difficult to distinguish ownership. For example, depositing an inheritance into a joint bank account could make it marital property. Keep separate funds in individual accounts and avoid using them for joint expenses.
Protect Business Interests
If you own a business, it may be considered marital property depending on when it was established and how it was managed. To protect your interests:
- Keep personal and business finances separate.
- Maintain clear records of ownership and contributions.
- Consider getting a professional valuation.
A prenuptial or postnuptial agreement can also protect your business in the event of divorce.
Work with an Experienced Rhode Island Divorce Attorney
Navigating property division without skilled legal guidance can be risky. An experienced attorney will help:
- Identify and classify assets accurately.
- Negotiate or litigate fair property division.
- Protect your rights and financial future.
At the Law Office of Steven J. Hart, we specialize in Rhode Island family law and provide compassionate, results-driven representation tailored to your unique situation.
Consider Mediation or Collaborative Divorce
Divorce doesn’t always have to be a courtroom battle. Mediation or collaborative divorce can lead to more amicable settlements and give you more control over how assets are divided. These options often result in faster, less expensive resolutions.
Final Thoughts
Protecting your assets during a divorce requires foresight, knowledge of the law, and experienced legal support. If you’re facing divorce in Rhode Island, let the Law Office of Steven J. Hart be your advocate. We’ll help ensure your property is divided fairly and your personal assets are safeguarded.
Need Legal Guidance in Rhode Island?
Contact the Law Office of Steven J. Hart today for a confidential consultation and start protecting your future.