If you are getting a divorce you may be concerned that you are going to lose all of the wealth you have spent a lifetime accumulating. Well, that may not be the case. Business Insider put together a list of tips that may help you protect some of your assets in a divorce.
Tips for Keeping Money in a Divorce
1) Identify what is yours, and draw a line in the sand. – When you first decide you are going to divorce your spouse, or get served divorce papers, one of the next steps should be identifying your assets. Figure out where your assets are. Determine what is yours, what has your ex-spouse’s name on it, and what you agreed to as a couple. Once you figure out what is yours, you can start to claim this property and organize your personal assets and their value. Some examples are the mortgage, bank accounts, investments, etc.
2) Locate financial statements. – When it comes to financials, the court will care less about the reason you are splitting up, then the facts about your financials. It is best if you acquire physical copies of financial statements. If you rely on electric statements, there is a chance that you are locked out of your accounts by your ex-spouse.
3) Secure the cash. – Make sure you have access to some liquid assets. Don’t get caught without cash to pay your bills. If you are caught without cash, your attorney will have to request an emergency hearing for spousal and child support.
4) Know your state’s laws. – It is important that you know your state’s divorce laws. Each state has its own set of laws, it can be a fault or no-fault state and/or a state can have community property laws.
5) Build a team. – Once you know you are getting a divorce, put together a team of experts you can trust. It is recommended that in addition to an attorney, you bring aboard a financial advisor. It is good to have a non-biased look at the situation, as you may let emotions factor into your decisions.
6) What do you want? What do you need? – Identify what you want to win in the divorce and what you will need to continue living the same quality of life. At this point, take a broad look at your financial situation. A financial advisor can help you determine the cost of living and how much money you will need to maintain your current lifestyle.