Five Smart Ways to Protect Your Finances While Getting Divorced

protect finances during divorce

When you get divorced, it’s only natural to want to protect your assets. Unfortunately, many of the  “solutions” online are risky and could have negative legal consequences in your divorce. If you’re serious about learning how to protect yourself while getting divorced, consider these tips from actual attorneys.

Be Open to Alternate Dispute Resolution

Many people are concerned that their divorce will be a highly contentious battle, and expensive, particularly when it involves significant assets. Alternate dispute resolution might help you avoid such outcomes. Mediating, which allows you to come to an agreement on the division of the marital estate, can reduce the amount of time and money you spend in court. Before entering mediation, retain your own counsel to advise you on your rights and your responsibilities so you are knowledgeable and informed before entering mediation. The mediator is a neutral party and cannot advise either party of the appropriateness of agreements reached.  Both parties can also retain attorneys to advise them on their rights and then mediate with a private judge which also reduces the costs of litigation, particularly with complex estates and issues.

Be Forthcoming

how to protect yourself while getting divorcedHiding assets in offshore accounts, lying, changing a child’s primary residence and other tricks are surefire ways to end up paying more. In addition to facing criminal charges, those who take such actions can expose themselves to civil penalties when their spouses inevitably seek restitution. In some cases, they even run the risk of being barred from traveling with their kids in the future. Although it might seem counterintuitive, establishing an open relationship with a trusted legal advisor is the best way to put yourself on a healthy footing.

Leverage Debts to Balance the Playing Field

Property isn’t the only consideration that goes into calculating which ex-spouse receives what. San Diego family courts also take debts into account, so you may be able to mitigate the effects of receiving fewer assets. For instance, you might try to convince the judge that your spouse should assume responsibility for certain community bills.

Rethink Your Holdings and Financial Habits

Talking to an attorney as soon as possible isn’t just about filing your divorce paperwork faster. Initiating a conversation might offer critical insights into how to proceed in light of the way your assets are currently distributed. For instance, you may be advised to open (and disclose) separate bank accounts in your name so that you can build an independent credit history. Or you might want to manage existing accounts so that you won’t be left holding the bill when your spouse decides to end the relationship with a massive shopping binge.

how to protect your money during divorceKeep Good Records

Protecting your money also entails ensuring that you get what’s owed to you. If you suspect your spouse of hiding assets, then it’s far easier to safeguard your future if you gather the evidence upfront. This strategy doesn’t necessarily require you to put on a deerstalker and do your own sleuthing, however. For most Californians, making copies of records and building comprehensive case files with an attorney’s help should suffice.

Learn How to Financially Protect Yourself in a Marriage With Neumann Family Law, APC

Don’t equate divorce proceedings with being taken to the cleaners. Talking to a lawyer may help you identify situation-specific tactics that make your separation far less costly.

Want to ensure that your evolving relationship status doesn’t tax your finances beyond repair? Find more great tips on how to protect your money during divorce on the Neumann Family Law, APC blog. Get in touch directly, call us at (619) 648-8554, or complete our online contact form to take control of your divorce experience today.

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