Is divorce in your future? Divorce is never the ideal outcome to a marriage, but sometimes it's the only option. While divorce may be a difficult process, it may be the right long-term decision for you and your family.
The divorce process can often be complex and financially challenging. However, it can be even more complicated when a significant amount of assets are involved. That's especially true if your spouse is the high-earner in the relationship. They may feel that they are solely responsible for the accumulation of the assets, and they may take steps to keep you from obtaining your rightful share of the marriage's net worth.
Fortunately, there are steps you can take in the lead-up of the divorce to protect your assets and your rights. Below are a few tips to consider as you plan for divorce:
Establish separate finances. One of the first things to do is establish your own set of financial accounts, including a checking and savings account and credit cards. This is important for a few reasons. First, if you've relied on your spouse's income for years, you'll need to establish your own credit and source of assets. Once the divorce proceedings start, you likely won't be able to rely on your spouse for support until a settlement is reached. Build up your own emergency reserve in an individual account.
You'll also want to discontinue any joint credit cards as soon as it is possible to do so. As long as you share a credit card with your spouse, you're impacted by their actions. Take steps to remove yourself from joint credit cards. This could also help streamline divorce proceedings because there will be fewer joint accounts to negotiate.
Get job training. Have you been a stay-at-home parent or worked on a part-time basis during your marriage? If so, it may be time to refresh your skills so you can prepare to work full-time. While you may get alimony or child support from the divorce, it's possible those income streams won't meet all your needs. Fortunately, there is now more online training than ever available to adults. You can also check with local community or technical colleges to explore fast-tracked degree and training programs.
Work with a qualified team of experts. One of the most critical aspects of a high net worth divorce is the identification of all possible assets. Your spouse may take steps to conceal his or her assets, especially business ownership stakes or employer benefits. As a layperson, it can be difficult to track down these accounts. Work with a team that is experienced in high-asset divorces. For instance, you'll obviously need a lawyer, but you also may want to work with a financial planner or a forensic accountant. They can examine statements and other paperwork to find all existing accounts and assets.
Ready to develop your divorce strategy? Contact a high asset divorce lawyer in your area today to learn more about divorce law.Share