Protecting Yourself During A High Asset Divorce
A divorce always presents an opportunity to incur financial losses, but the more assets you and your spouse share, the more important it becomes to protect yourself. This is no time to allow your emotions about the break-up to distract you from taking measures that ensure you will end up with your fair share after all is said and done. Read on for some tips on making sure that your financial situation doesn't take a hit as a result of the divorce.
Take action quickly – The longer you wait, the greater your chances of losing assets. You cannot legally be deprived of marital assets, but you can only fight for those you know about. As soon as you begin to consider a divorce, consider your assets. If you wait until you or your spouse has filed, it might be too late to do any real research.
Access accounts – You may later lose the ability to access banking and investment accounts, so do so now and print out recent statements. Consider accessing retirement accounts, savings and checking accounts, investment instruments, life and health insurance information, property deeds and titles, and more. If your spouse owns a business, make it your business to ascertain the financial health of it while you still can.
Create a net worth statement – This might sound complicated but it can usually be done without having to hire an accountant. If you do have an accountant, however, ask them to provide you with reports about your asset vs. debt load. The figures gleaned from such a statement will influence many divorce issues like child and spousal support, asset divisions, and debt assignments.
Hire an attorney – Even if you have no intention of filing for divorce any time soon, make finding a divorce attorney a high priority. Your new divorce advocate can provide you with more valuable advice about steps to take before you file and about dealing with the aftermath of a filing. Speaking with an attorney might help you to avoid staying in a loveless relationship due to fears of being left destitute. There are ways, for example, to compel your souse to pay the legal fees for the divorce.
Hire a special accountant – Forensic accountants are accountants that know the law and know what you are owed from a high asset relationship. They have the ability to seek information from your spouse's financial dealings and create a more accurate and detailed picture of your assets and debts. If your spouse is attempting to hide property, this type of accountant can find it. If your assets have been commingled, the accountant can untangle them. In some cases, your attorney can have subpoenas issued to force your spouse to submit financial documents.
Make use of divorce attorney services to learn more about dealing with a high asset divorce.
