How to Keep From Losing all Of your Money in a Divorce

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.

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What Does Liability Mean?

In the broadest sense, liability means the state of being responsible for something, especially by law. In law, liable means party or parties responsible or answerable in law; legally obligated.

Depending on the type of case, plaintiff’s must prove liability through different theories of liability. Sounds complicated but it’s really not. For example, in a case involving a contract dispute, the theory liability would be “breach of contract.” Other theories include negligence, vicarious liability and strict liability.

So how does this impact law? There are several ways that liability impacts law. One example is car accidents. If a party is injured in a car accident, it’s important to determine who is liable. If the victim was responsible, then they cannot make a personal injury claim. If the other person involved in the crash was responsible, then the victim can pursue a personal injury claim. The person who they are bringing the claim against has liability insurance which means that up to a certain amount will be from the person and the rest will be covered by insurance. However, many personal injury attorneys will fight to get more money from the insurance company so their clients can rest and recover and not worry about financial stress.

Businesses also have limited liability. For example, if a lawsuit is brought against a business, the limited liability prevents the owners of the business from being liable. The business itself is liable.

Product liability is a legal concept that states that producers and manufacturers have the moral and legal responsibility to produce products that are not defective.

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Dividing Marital Assets

One of the most difficult decisions that you will ever need to make is whether or not to get divorced. And in the event that you do file for divorce, the process of finalizing your divorce can take years depending on where you live. And during this time period, a lot of other decisions need to be made. One of which is how your marital assets will be divided.

How to Determine What’s Your’s and What’s Your Spouses

First, it’s important to consider the date of the marriage and the date of separation. Any property or asset that was owned prior to the date of marriage will be considered that person’s property. Additionally, any property acquired after the date of separation will be that person’s property. Other separate property also includes:

  • inheritances
  • gifts from third parties
  • payments from lawsuits
  • property listed in a prenuptial agreement

The remainder of the property or assets that were acquired during the time of marriage will be divided during the divorce process. This is where a lot of divorce litigation happens because a lot of it depends on where you live. In certain states, the marital property will be split 50-50. In other states, the assets will be divided to what is considered “fair and equitable.”

Having a divorce lawyer who is experienced and knowledgeable in dividing marital assets will make sure that you get property and assets that are important to you during the divorce process. For more information on how we can help, please contact us.

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What is a Non-Compete Agreement?

According to FindLaw, a non-compete agreement is usually a clause in a contract that states that an employee cannot work for a competing company, or in a similar line of work, for a period time after leaving a company. It is used to protect the company from a former employer leaving and taking clients with them. Courts often rule against non-compete agreements because they feel that it is inherently limiting a former employee’s “right to earn a living.”

The argument that employers use is that there is an amount of goodwill that goes along with working for an established company. So, why should a former employee be allowed to build off of that goodwill?

Another argument that employers will make is that the non-compete is in place to protect confidential information. In this case, the employer must show that it took the necessary steps to keep this information a secret.

At the end of the day, the non-compete agreement must be reasonable. If an employer is trying to block a former employee from making a living, the agreement will most likely be thrown out in the court of law. The same goes for the opposite. If the former employee attempts to steal confidential information, the court will likely enforce the non-compete agreement.

Below, we have provided a video which further explains non-compete agreements:

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