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Finances and your divorce

Finances and your divorce

When it comes to divorce, there are so many issues to consider. You have to think about your future in terms of not only your children (if you have them) and your property but also your day-to-day financial situation. 

A common occurrence in marriages is that one person handles the majority of the financial logistics. That can leave the other spouse out in the cold when it comes to divorce and trying to divide up assets. If you are unsure about your financial situation and you are facing a divorce, here is some information that may be helpful as you move forward.

The risk of hidden assets

Something that can happen commonly in a divorce if you are the party who does not have extensive knowledge of your financial situation and the assets that you and your spouse hold is that your spouse may try to hide assets from you as you go through divorce. This can be a particularly pertinent problem in high-net-worth divorces where a lot of wealth is at stake. 

If you are the wife and it is your husband whom you suspect is trying to hide assets, there are several strategies he may use. Sometimes, the spouse will use a safe deposit box to hide physical assets such as cash. Another tactic can be underreporting income on tax returns in order to appear less wealthy than is actually the case. Husbands are clearly not the only ones to use these tactics to hide assets from wives. However, if you are the wife and you do not have accurate and detailed information about your financial picture as a married couple, you must understand that you are at a disadvantage going into your divorce and possibly at risk for tactics such as hidden assets.

How to protect your financial future

One of the key components to strategizing as you face your divorce and your financial future is that you must find a way to emotionally detach from the situation at hand. Decisions you make under emotional duress are generally not the most effective decisions possible. If your spouse owns a business or you and your spouse own a business together, the entanglement of emotional and financial ties can be even more difficult to separate with a lot at stake in terms of assets. 

Issues regarding assets and finances are complex, and facing a divorce can be particularly challenging if you do not understand your current financial situation. One of the first steps you can take to empower yourself for your financial future is to have a consultation with a qualified divorce lawyer who can help you determine how to proceed.

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