3 Ways to Protect Your Money During a Divorce
If you are going through a divorce, you might already have an idea about how stressful and expensive it can be. Not only are you going through an emotional rollercoaster, but you have to stay on top of all that to ensure that you protect your money as much as possible. According to a report, almost 50 percent of all marriages end in divorce, and let me tell you that most of these divorces are ugly.
With so many legal issues such as child possession, distribution of wealth, and possession sharing, you need all the help you can. In this article, I am going to highlight some of the best steps that you can take if you are going through a divorce. At the end of the day, you don’t want to see your spouse coming out of the marriage with more money than you do.
Close All Joint Accounts
The very first thing that you need to do is to make sure that you close all joint accounts so that your funds are separated from your ex. If you don’t have a separate bank account to your name, this is the perfect time to open it as you are going to need it in the future. However, when you attempt to open a separate or personal account, you should reveal it to your spouse so that he can’t accuse you of attempting to hide marital monies.
If you have all your money in a joint account, your ex can withdraw all of it without your notice, which can be very hard to procure. You should immediately talk to all the creditors to find out what you need to do in order to take your name off these accounts as soon as possible so that you don’t have to pay for any debt incurred after the divorce.
Hire a Family Lawyer
One of the most important things that you must do when dealing with a legal matter such as a divorce is to have a family lawyer at your side. If both you and your spouse want to mutually end the marriage, a lawyer is going to make sure that you both receive a fair share of money and no one feels cheated. He will also handle all important things, such as the division of possessions and child care.
On the other hand, if one party wants to do things that rough way, a lawyer can be your voice in the courtroom and help you get a better settlement. You might be in a very emotional state at this moment, and a lawyer is going to provide you with the best advice so that you don’t lose your cool. He can freeze your accounts, do all the paperwork, and ensure that you get the money you deserve from the divorce.
Don’t Hide Your Money
While you may think that hiding your money in case of a divorce can do you a lot of good, when it comes down to the legality of the issue, you are signing your own death warrant. Even if you feel like your spouse is not trustworthy, you need to find a way to disclose all your net worth without putting these assets at any kind of risk.
Hiding money in anticipation of a divorce can play very badly for you in the court of law, and if you are found guilty of doing that, you may have to pay a huge amount of money due to fees and penalties. Moreover, you are going to lose the support of the judge, which is also going to play very badly for your case.