Are you worried about your financial stability once your divorce is finalized? It’s a legitimate concern that prevents many individuals from seeking to close what has been a toxic chapter in their life. But you don’t have to let your financial fears prevent you from seeking the marriage dissolution outcome that you deserve. In fact, there are steps that you can take right now to protect you interests and better ensure that you have the money and resources needed to kickstart the next portion of your life.
We know that figuring out a divorce strategy on your own can be tough. That’s why in this post we want to give you some tips that you can implement right now to secure your financial positioning. Hopefully then you’ll be able to breathe a sigh of relief knowing that you have a plan going into your divorce.
Tips for protecting your financial interests in divorce
There’s certainly a lot to think about when you’re going through the divorce process. However, as you navigate your marriage dissolution, don’t overlook doing the following to protect your financial interests:
- Inventorying assets: Although you should obtain your fair share of the marital estate, you might not know what that truly means until you have a clear picture of the extent of your martial assets. Therefore, it’s a good idea to inventory those assets so that nothing is overlooked during the property division process. This will ensure that you obtain your fair share of the estate.
- Looking for hidden assets: Unfortunately, spouses hide assets from each other all the time, hoping to keep those assets to themselves. Don’t let your spouse get away with that. If your spouse has become controlling of marital finances, you find large unexplained purchases on marital accounts or money goes missing without justification, be sure to dig deeper to see if your spouse is hiding assets from you. If they are, then you need to work to loop those assets back into the property division process.
- Seeking valuations: It’s not easy to put a price tag on all your assets. If you and your spouse own a business, artwork, heirloom jewelry or other unique assets, then it’s a good idea to secure a professional valuation of those assets. Only then will you have a realistic sense of what that property is worth and what you should be able to get out of it.
- Considering your circumstances: Equitable distribution means that assets should be divided fairly. This doesn’t mean that they should be divided equally, though. So, your unique circumstances will play a role in how the marital estate is split. Consider your parenting obligations, income, debt and need for additional training or education post-divorce. These factors can play a significant role in the outcome of your property division.
- Creating a budget: A post-divorce budget can help you set goals during asset division. With a budget in hand, you can identify what you need to comfortably establish yourself in the next chapter of your life, which can guide you and motivate you throughout the property division process.
Don’t get financially taken advantage of during your divorce
Your financial wellbeing is on the line in your divorce. Therefore, be prepared to take the matter seriously. Be equipped with evidence and information to advocate for yourself, even if you want to pursue a collaborative divorce or some other amicable way to end your marriage. Anticipate what your spouse will demand and how they’ll respond to your requests. By doing so, you’ll craft a well-developed legal strategy that puts you in the driver’s seat of your divorce and your post-divorce financial positioning.