It is an important thing to do, to keep an eye on your finances during a divorce. Most divorces are challenging and complicated and because of this, there are details that can slip by. It is up to you to protect your financial health at this time and it is wise to have an attorney with you. It is also good for you to know the laws in your state in the case of a divorce and how these laws can effect your assets.
Generally, in most states whatever you and your spouse acquired during your years of wedlock, are subject to division and the exception to this would be any inheritances that took place. Any assets that were acquired before you were married and gifts that you gave each other are exempt also.
There are some community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin and the laws here says that almost all assets will be equally divided. Just don’t get the idea that you can hide an asset or bring it up later as this will cause a omitted asset penalty and the court will redivide everything.
