A divorce is not only an emotionally draining and stressful situation but it affects your financial position as well. If you want to sustain your financial position even after divorce, then you have to take proactive steps before filing a divorce.
Especially, moms who are staying at home to take care of their children, you have to secure your children’s life financially along with you, until you start working. There are few assets, which will be impacted by your divorce including vehicles, household belongings, savings, pensions, retirement accounts, and more.
You cannot handle everything yourself, so you can consult a lawyer to take advice for protecting your assets in a divorce. He/she will help you to plan a financial separation smoothly, that is, without any conflict. Also, you will be able to know information about what portion of your spouse’s income you will get during and after divorce.
Here are few tips that will help you to protect your assets in a divorce process for your future needs.
Tips to protect assets
Open separate bank account – When you separate from your spouse and file a divorce, you need some cash to live in a place, for court fees, attorney fees, and other legal fees. For all these, you need to make some savings by opening a personal account in a bank or in your existing personal account.
Also, tell your spouse about your account and the amount you are depositing in it, otherwise you will be accused for hiding marital monies. So, you need to discuss with your spouse about your activities to avoid future issues.
After saving enough amount of money for all your expenses and needs, then you are prepared to file a divorce.
Evaluate marital and separate property – A marital property is the items you received during your marriage or after, whereas, individual property includes property owned before marriage, received by inheritance from your parents, gifts from friends or relatives, etc. By evaluating both, you will get an idea of your personal belongings.
Marital property will be shared between the partners by the court depending on various factors such as marriage duration, emotional and physical health, financial needs and situation, and many others.
Keep eye on economical matters – If you think your spouse is hiding financial matters from you, and then you can take help from a financial expert to identify the fraud. Also, make sure that you get fair as well as same share of property. Especially, it is important for couples, who earn high income.
Also, close your credit accounts you hold together because as per divorce court settlement the share of debts will also be equally shared between both. Gather information about loan applications, tax returns, financial statements, and others, particularly pension plan as it is the biggest asset you can claim for it for your share.
If you are trying to save as much amount as you can, then you need help of a professional lawyer. He/she will guide you in a right way to protect your assets and to make your life secure.