You have a lot of unfamiliar territories to cover during a divorce. You also have a lot of assets you do not want to lose. How do you ensure your soon-to-be former spouse does not take advantage of your hard work?
U.S. News & World Report explains how to safeguard assets during divorce. Understand where to focus your time and energy to protect your finances.
Tally your assets
You cannot properly protect your assets if you do not know what you have. Inventory your retirement accounts, debts, real estate properties and savings. Once you know everything you have, think about how your financial health may change post-divorce.
Put it all on the table
Do not hide your assets. Doing so could result in unnecessary legal fees, and it does not make a great impression on the court. You have the right to protect all your assets but take those steps openly rather than covertly.
Divide your bank accounts
If your current spouse does not have a separate checking account, encourage him or her to set one up. If you want to withdraw money from your shared account during divorce, let your current spouse know before you remove money. You must remain transparent about your financial activities to stay on the right side of the law.
Get help from a financial professional
Consider working with a financial accountant experienced in helping to divorce couples. Financial professionals can use your and your current partner’s lifestyle and expenses to better understand your assets. If your soon-to-be-ex-spouse hid assets during your marriage, accountants help uncover them.
You should not lose more of your assets than necessary during a divorce. The right tips and insights set you up for success after your split.