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Reducing financial loss during your divorce

On Behalf of | Nov 17, 2021 | High-asset Divorce |

You have worked hard for your money and probably feel frustrated that divorce threatens to diminish your assets. Even though you will need to split your finances, you can use divorce as leverage to rebuild your wealth.

Knowing what to do and which behaviors to avoid during your split can help you reduce financial loss.

Do educate yourself

Make an exhaustive list of the financial assets you have. These could come in the form of bank accounts, retirement benefits, real estate holdings, business profits, stock investments and joint inheritance money. Immediately suspend your use of all shared accounts and create an individual banking account. If your spouse solely managed marital funds, immediately find out what information you need to access joint assets.

Document any activity within shared accounts. Refrain from withdrawing large sums of money or even using joint accounts at all. Know the values of your accounts. Print out information that shows these values in case your spouse tries to lock you out or claims different figures than what you have. Knowing where your money is can help you verify that your settlement contains every asset that belongs to you.

Do not lie

Depending on the severity of your situation, you may feel desperate enough to lie about your assets. However, hiding money or arguing over it will create ongoing problems that only worsen your financial situation. According to U.S. News, the conflict will cost you more money. Acting with integrity and choosing not to squabble over trivial items can help you maximize your resources.

Working with a trusted attorney may improve your chances of receiving a satisfactory settlement. Staying mindful of your behavior can also reduce the risks of ongoing legal and financial troubles.

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