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Protecting your Wealth in Divorce

Protecting your Wealth in Divorce

Couples often spend hours upon hours planning their marriage, but fail to spend the same amount of time when it comes to their divorce. While nobody enjoys ending a marriage, it is important to invest time in planning your divorce. According to an article in the Huffington Post by Kyung (Kathryn) Dickerson, below are a few factors to consider when it comes to your finances and assets during a divorce:

  • Understand your marital finances. Even if you are not the spouse that handles paying the bills and other financial tasks, it is important that you understand what accounts you have, how they are titled, and how they are being managed. You should verify that you have access to all accounts with your name on them, including a current password. You should also investigate all debt that is held jointly by you and your spouse. This can be accomplished by pulling your own credit report.
  • Gather financial records. You should put all bank statements, investment statements, copies of tax returns and real estate documents in a file. Having this information organized and ready for your divorce attorney is extremely helpful.
  • Consider your beneficiaries. When you divorce, it is important to update all of your estate planning and other documents to determine if you want to remove your spouse as the named beneficiary. You should also take measures to protect your minor children, including listing them as beneficiaries with a guardian appointed to supervise their inheritance from you. It is important to understand that certain professionals may be required to inform your spouse of changes made to legal documents, so be discreet.
  • Start separating accounts. If your marriage is definitely over, you should consider removing your spouse from your credit lines. While having joint accounts allows you to see what your spouse is spending money on, it also makes you liable for the debt being incurred.

The above are just a few things to consider when you believe divorce is in your future. The most important step you can take is to plan ahead and work with a family law attorney as soon as possible. Meeting with a divorce attorney does not mean you have to file for divorce, but it can help you protect yourself if a divorce action is filed.

Men often find it difficult to find a divorce attorney who understands the unique male perspective on family law matters. If you are facing divorce or you have other family law needs, our legal team is here to help. Contact the Men’s Divorce Law Firm to schedule a consultation with a caring professional, and aggressive advocate for men’s rights in divorce, child timesharing (custody), and paternity matters.

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