Realizing that your marriage is coming to an end can be devastating, especially if you feel like you are going to lose a significant chunk of your finances. You may not even realize your marriage is in jeopardy until your spouse serves you with divorce papers. From there, you may find your life quickly filled with complications. You will need to make a lot of important decisions to protect your finances. A Kentucky divorce lawyer can safeguard your interests and fight for you.
Protecting Your Finances Is Important
You may think of divorce as a quick signature on a paper, followed by zero contact with your ex. Divorce is much more complicated and layered than that. During the process, you are effectively untangling your life from your spouse’s on every level. You will likely have to sell the marital home. You will also need to cancel joint accounts and open new ones. Furthermore, you may not even be allowed to keep your pet if your spouse can claim ownership. There’s asset division, custody arrangements, and so much more.
Divorces can be financially draining as much as they are emotionally. The expense can sometimes be too much to bear, and you may start to feel like you’re losing control of the situation. Divorces can be quite high-conflict, even before involving financial matters. Depending on the total length of your marriage and whether you had premarital agreements in place, your finances may be so connected that separating them can seem impossible. Still, it’s vital that you do it anyway.
Protecting your finances is a crucial part of standing up for yourself in a divorce. It begins with uncoupling your finances. It can be a difficult process, especially if you don’t have the help of an experienced divorce lawyer. If your divorce is uncontested, your spouse may be willing to work through your finances together. If the divorce is contested, though, it’s doubtful you’ll receive any help. It will likely be left to the courts to divide assets.
How to Protect Your Finances in a Divorce
When you get divorced, the most important thing you want to avoid is being taken advantage of by your spouse. This is rarely easy, but an experienced divorce lawyer can fight on your behalf. They can put together a strategy to prevent you from losing most of your money. Here are two steps you can take to keep you from being taken advantage of in your divorce:
Prenuptial Agreement
The most effective way to avoid losing your assets in a divorce is to establish a prenuptial agreement before getting married. A prenup can guarantee you protection in the event of a divorce, especially if your spouse breaks one of the various clauses or violates a contingency, such as an infidelity clause. Prenups are legally enforceable if they are drafted correctly.
Getting a prenup can be difficult, especially if your spouse has a problem with it. Many people may use a prenup to see if their fiancé is with them for love or because of what they can offer. Spouses who won’t sign them may claim that they’re a sign of mistrust or a blatant insult to their character.
Separate Accounts
Another way to make sure your finances aren’t drained in a divorce is to never combine your money in the first place. Many married couples opt for separate bank accounts for their own reasons. They don’t always mean a lack of trust in the relationship. If you never combine your resources, there’s nothing to disentangle if the time ever comes to do so.
FAQs
Q: What Is the Primary Cause of Divorce in the United States?
A: There are many different reasons why people get divorced in the United States. Everybody’s reasons for wanting to end their marriage are different. Everybody has their limit. Generally, one of the biggest causes of divorce in the country is lack of commitment. This can mean many different things. Sometimes, a lack of commitment means one spouse is cheating. Other times, it can mean avoiding important issues. It depends on the people involved.
Q: Will I Lose Big in My Divorce?
A: There is no way to determine if you are going to lose big in your divorce until the process begins. Unfortunately, there are many ways you could end up losing a great deal of money in your divorce. Make sure you speak with a divorce lawyer about what your options are and what you can expect. If your divorce is contested, your spouse may be demanding a lot from you. If there’s no premarital agreement in place, you might have to prepare for a loss.
Q: How Can a Divorce Lawyer Help?
A: Above all, a divorce lawyer’s role in your case is to protect your interests and prevent your spouse from taking advantage of you in any way, particularly your finances. A divorce lawyer can take control of your case and navigate it on your behalf, giving you time to focus on grieving your marriage or helping your kids adjust to everything. Your lawyer can provide you with a path toward stability.
Q: Should I Hide Money From My Spouse?
A: Absolutely not. You should never hide money from your spouse in a divorce. If you are caught doing so, you could suffer severe legal penalties and take quite a hit in your divorce settlement. Hiding assets from your spouse in a divorce is a crime. The court expects both spouses to be totally transparent about their finances. You could be perceived as the bad guy if you are caught hiding money.
Reach Out to a Lawyer Today
Protecting your finances is important in a divorce. You don’t want to come out of it with nothing left. A good lawyer can protect what you’ve got and keep you from being taken advantage of.
The team at Stange Law Firm can make a financial plan and protect what’s yours. Contact us to speak to a valued team member about how we can help.
