Deciding to pursue a divorce is a big step and not one that should be taken lightly. Nobody expects their marriage to end in a divorce, and it can be somewhat embarrassing or even upsetting to admit that there is no way to save your marriage. However, the alternative is being trapped in an unhappy marriage. Nobody wants that. When you get divorced, it is vital that you do what you can to protect your finances. An Omaha, Nebraska, divorce lawyer can help you.
Protecting Your Finances in a Divorce
You should never underestimate the financial impact that a divorce can have on you. Despite what you may believe, a divorce is not simply a legal break-up. It’s a total disentanglement of two lives. Depending on how long you have been married, your lives may be so tangled together that uncoupling them can prove to be difficult, tedious, and expensive. You have to divide everything up, from your marital assets to your finances, child custody, and even your pets.
Arguably, separating your finances can prove to be the most difficult aspect of a divorce, especially if the divorce is going to be contested. If you and your spouse are unable to work out a mutually beneficial agreement amongst yourselves for asset division and financial separation, it will likely be left to the courts to divide everything for you using an equitable distribution model. That means that each spouse will get what the court deems is fair, not necessarily equal.
In order to avoid being taken advantage of in a divorce that could end up being decided in your spouse’s favor, it is important that you take certain steps to protect not just yourself but also your financial future. If you have joint finances, for example, separating them entirely can prove to be a difficult process all on its own. Here are some important steps you can try to take to protect your finances in a divorce:
- Prenuptial agreement. One of the most effective methods of long-term financial protection is a prenuptial agreement, which is also called a prenup. Having a prenup in place before getting married can enforce protection if you ever decide to end the marriage.
- A prenup is a legally enforced document that lays out the terms of asset division in the event of a divorce. It largely protects the premarital assets of both partners.
Getting your prospective spouse to sign a prenup is not always easy. Many people view a prenup as divisive and almost insulting. Some see them as preparing for the divorce and refuse to sign them on principle. For the wealthier partner, this can be viewed as its own form of betrayal and could make them think their significant other is only in the relationship for the money, not for love. Don’t let guilt force you to drop the prenup.
- Separate bank accounts. If you go out of your way to avoid entangling your finances with your partner’s from the start, it can really help you out in the future. Establish your own savings and checking account that is totally separate from your partner’s. When you decide to divorce, if your money is pooled into a joint bank account, talk to your partner about splitting it equally.
- Don’t hide money. If you decide to get divorced and you have a strong feeling the process is going to get contentious, it is very important that you be transparent about your finances and don’t try to hide money from your spouse. The judge presiding over your case could see this as dishonest and inflammatory behavior, and that could seriously hurt your chances of ending the divorce with favorable terms for you.
FAQs
Q: What Happens if I Hide Money in a Divorce?
A: If you start hiding money in your divorce and a judge finds out about it, you could face severe legal penalties. Hiding money in a divorce may be considered an act of fraud, which could impact you in a bad way. When you pursue a divorce, it is expected of you to be transparent about your finances, assets, debts, and accounts. Hiding money makes you look like the bad guy, and that can change the way you are perceived by the judge.
Q: How Can a Divorce Lawyer Help Protect My Money?
A: Having an experienced divorce lawyer on your side can help you out substantially. They can take control of your case while you focus on adjusting to a new normal and being there for your kids, should that be a factor. A good lawyer can help you build a financial plan and wholly understand all of your finances. They can help you separate your finances from your spouse’s and even help distribute the marital property fairly.
Q: Will I Lose Big in My Divorce?
A: There is no way to determine that before your lawyer looks through your case and determines your chances of success. If you are worried that you are going to lose big in your divorce, you may want to consult with an experienced divorce lawyer as soon as possible. It largely depends on who filed for divorce, why they filed for divorce, and how well-protected your assets are. A good lawyer can help you figure out a plan and fight to keep what’s yours.
Q: What Causes Most Divorces in the United States?
A: Everybody’s divorce is different, and every divorce is caused by a specific incident or series of incidents known largely to the two spouses involved. Some causes are more common than others, and the primary cause cited by most divorcees in the country is a lack of commitment. A marriage cannot work unless both spouses are wholly committed to making the marriage work. Otherwise, it becomes a one-sided situation that slowly starts to crumble.
Reach Out to a Divorce Lawyer Today
When you decide that divorce is your only way forward, it is vital that you immediately start protecting your finances and untangling your life from your spouse’s. This can be easier said than done, and it’s important that you retain the help of an experienced divorce lawyer who can provide you with the right kind of legal assistance. The team at Stange Law Firm knows the kind of help you’ll need. Contact us to schedule a consultation and speak with someone about your case.
