Divorce is a testing time; even the most amicable divorce might quickly take a turn for the worse regarding money. In many states, there are guidelines or some rules about what partners are entitled to. But a lot will come down to the lawyers you choose, so choose a lawyer like https://www.hutsonlaw.org/ to ensure you get what you want.
There are some ways you can protect your cash when it comes to divorce, and even if you don’t think you are likely to get divorced, they are smart moves.
Assets
Make sure you know where all your assets are and what they are worth. If you aren’t sure when you begin proceedings, you might find you aren’t paying attention to things that might be at risk. Find out what is in your name and what is in both names. Look for bank accounts, credit lines, homes, investments, and that long-lost bank account you had years ago.
Get a statement of all assets, right down to the last cent.
Liquid
It is not uncommon for the other spouse to take anything that can be sold or cash itself to ensure they have something already. If there are joint accounts, you are entitled to that money, which can be tricky.
Open an account in your name, and put enough to pay your legal bills and a bit to live on. Don’t leave the other person without anything – as this won’t look great in court if you have children.
Divorce can be time-consuming and expensive, so prepare something to get you through.
State laws
The lawyer you choose will know all of the requirements in your state, but to prevent yourself from being surprised when the time comes, learn about the conditions. Some states are no-fault, while others are fault states. Some states require an even split, while in others, you can take the lion’s share with the right legal team.
Some states also don’t acknowledge anything in the spouse’s name before marriage, including inheritances, property, and more.
Know what you are expecting before the lawyer needs to tell you. But rely on them for the reality of what those things mean.
Want and Need
Do you need everything you are asking for, or do you just want it? When it comes to divorce, it is easy to fall into the trap of demanding as much as possible – only to find that in the end, you don’t need it at all.
You’ll be asked many times what you can live with and what you can live without – your team will be trying to get a comprehensive look at what they should be working for. If you intend to be the primary career for your children (if you have some), think about what will take the long term – ask for enough because you need it.
For many, divorces come firmly under ‘things that will never happen’; however, a large percentage of people go through it at some point, along with some other unexpected things: Unexpected Bills You May Have To Pay At Some Point.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)