It can be overwhelming to discover that your marriage is ending. You may not even know you are in trouble until your spouse springs it on you. From there, you have a lot of important decisions to make, and all of them shouldn’t be taken lightly. One of the most important things you can do to protect yourself is to prioritize protecting your finances. There are many different things you can do to keep your finances safe, and a Springfield, MO divorce lawyer can help you.
Why Is It Important to Protect Your Finances in a Divorce?
A divorce is never just a piece of paper that you sign to end things forever. A divorce is the disentanglement of two lives, not just emotionally but financially, and it can get awfully expensive. Never underestimate how expensive a divorce can get. If it’s contested, it can get even more expensive. Depending on the total length of your marriage, your finances may be so integrated that separating them can seem next to impossible, but it’s important that you do it.
Uncoupling your finances is a tough process, but it’s just as necessary in a divorce as figuring out asset division, agreeing on child custody, or figuring out spousal support. It’s often the most difficult and tedious part of a divorce, as it may require you and your spouse to sit down and go through all of your financial records to work out an amicable split. If the divorce is contested, it may be left to the courts to divide your financials through equitable distribution.
Ways to Protect Your Finances in a Divorce
Above all, you want to avoid being taken advantage of in your divorce, which may be easier said than done. An experienced divorce lawyer can help you figure out a strategy to avoid losing the majority of your money and protect yourself. Here are some vital steps you can take to make sure your finances are protected when divorce proceedings begin:
- Prenuptial agreements. The easiest and often most effective way to protect yourself in the event of a divorce is to make sure you have your spouse sign a prenuptial agreement before you get married. A prenuptial agreement, known mostly as a prenup, guarantees protection for your premarital assets and can even include contingencies in the event of a divorce.
For example, if your spouse is unfaithful, an added clause would prevent them from receiving anything in the divorce. A prenup is legally enforceable and is often used by wealthy people to safeguard their assets if they ever get divorced. Getting a prenup can be difficult sometimes, as many potential spouses may see them as a sign of mistrust or even insulting. You might want to use it as a way to test if your partner is in this for love or money.
- Separate accounts. It may be wise to never entangle your finances in the first place. Many happily married people have separate bank accounts for their own reasons. If you never bother to pool resources, splitting your financial assets may not be as difficult as it could be. If you are worried about your finances from the start, make sure you keep your own checking and savings account separate from your spouse.
- Be honest. One of the worst things you can do for yourself in a divorce is try to hide money. Be totally transparent and honest about the full extent of your finances. If the judge discovers that you are trying to hide money from your spouse or from the court, it can reflect poorly on you, result in an unfavorable divorce settlement, and even lead to legal penalties.
FAQs
Q: What Causes Most Divorces in the United States?
A: There is no real way to tell what causes most divorces in the United States. Everybody gets divorced because of reasons unique to their relationship. Sometimes it’s a single incident. Sometimes, it’s a series of poor decisions. Generally, one of the more common causes of divorce in the United States is a lack of commitment. If only one spouse is fully committed to making things work, the marriage may be doomed.
Q: How Can I Lose Big in My Divorce?
A: There are many ways you could end up losing big in your divorce. Before you start panicking, you should speak with a divorce lawyer about what you expect to happen in your divorce and see what they have to say about expectations moving forward. If you are dealing with a contested divorce and you have no prenup or postnup in place, there is a strong chance you could lose more than you may expect.
Q: How Can a Divorce Lawyer Help Protect My Finances?
A: There are many ways that a divorce lawyer can help you protect your finances, but only if you are totally honest with them about the full extent of those finances. A divorce lawyer can take charge of your case and let you focus on healing or helping your kids adjust to a new normal. A lawyer can help you build a stable financial plan and prepare for the worst if needed.
Q: Why Is It Bad to Hide Money in a Divorce?
A: Hiding money in a divorce is considered bad because the court sees it as untrustworthy behavior. Depending on what you do, it could also be considered fraud, which could cause you to face multiple legal penalties. In the event of a divorce, you are expected to be transparent throughout the entire process. If you are caught hiding money, it can fundamentally change the way you are perceived by the judge, who may now start to take your spouse’s side.
Contact a Lawyer Today
Understanding effective strategies for protecting your assets in a divorce can change the course of the divorce itself, especially if you utilize these strategies to protect yourself. An experienced divorce lawyer can help you figure out a plan to protect your finances. The legal team at Stange Law Firm can provide you with the help you need throughout your divorce. Contact us to speak with a valued team member about your case.
