Protecting Your Assets and Finances in Divorce

If you are currently going through divorce, you are too emotionally drained to deal with any complicated financial matters. Unfortunately, you can’t afford to avoid these issues and allow someone else to is about your finances that will impact your future. If you want to keep your assets and finances intact, below are a few strategies to help.

Document everything: documentation is an extremely important factor when your property is being divided. Generally, whichever side has the most records and paperwork on their side is the one that walks away with their interests protected. You should, at the very least, have three or four years worth of paperwork from your joint or individual accounts. If your spouse is made a big purchase before the divorce is final using your joint account, this documentation will help your lawyer include their purchase in the process of property division.

Hire a good divorce lawyer: it is always best to have a good divorce lawyer on your side helping you protect your finances, even in a situation where you are divorcing your partner under good circumstances. Most common financial mistakes can be prevented by hiring a lawyer. This is especially important when you are going through a tumultuous divorce, or when your ex is unreasonably making demands for asset division or alimony.

Hire a financial planner: a financial planner will be able to help you in ways that any divorce lawyer is unable to. A financial planner better understands fees, interest rates, taxes, and all the other important numbers that divorce lawyers typically don’t. When you have your attorney work with a financial planner, it can expedite the process of having your assets divided and help make sure you are on top of your credit obligations and future tax. A financial planner can also help you protect your credit score through the divorce, preventing the financial decisions of your former spouse from affecting your ability to make financial decisions in the future.

As you can see, when you are prepared for a potential divorce, you can plan ahead to have your assets and finances protected.

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