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Safeguarding Your Finances In Case Of Divorce

A divorce, especially a hostile one, can be a very difficult time for all involved. It can impact your emotional health, mental health, living situation, and much more. However, the financial side of a divorce is one that shouldn’t be ignored. If you want to make sure you protect what you’re entitled to, here are a few tips on how to safeguard your finances.

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Start keeping records of your assets

Any assets owned by both or one member of the marriage are what’s up for grabs in a divorce, depending on how the proceedings go. As such, the best way to make sure that you’re on the right page is to start making notes of assets and their value. This includes property, vehicles, as well as any valuables in the home, as well as any bank, savings accounts, shares, or otherwise. 

Get in touch with a lawyer

It will be repeated (because it bears it) but you shouldn’t make too many moves directly without the help of a lawyer. If you are anticipating a divorce, then you should already be talking with groups like Spodek Law Group. They are going to make sure that you don’t make any of the mistakes that can result in people losing big swathes of what they would otherwise be entitled to.

Should you move money to your own accounts?

One such mistake is closing any joint accounts or opening personal accounts too hastily. This is, overall, a good idea to make sure that you separate your assets as soon as possible. However, it should be done with the knowledge of your spouse. If it looks like you’re trying to hide money, then the courts may take a dim view on that and reduce how much you end up with.

Protect what’s yours

If you have any personal property that is valuable, you may be concerned that your spouse may attempt to damage or destroy it. It can hard to prove when this happens so you might not get financial compensation as a result. For that reason, you should make sure to stash your personal property with secure storage options like CubeSmart. Putting it in a lockbox or giving it to a trusted family member may also be recommended, as well.

Secure the shared assets

Another move in a hostile divorce may be to drain the joint accounts as quickly as possible to prevent you from getting any of the money in them. As such, it might be wise to pre-empt such a move by filing a restraining order on the account, preventing anyone from accessing it for a period of time. In general, stop using the joint account and don’t put any more money in it if you can help it.

The tips above are just what you should be thinking about. It’s best not to take any direct action until you have an online divorce lawyer. Once you do, however, you can run these ideas by them and see whether or not they agree with how they fit your circumstances.

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