Divorce can be an emotionally difficult time, but you should not lose sight of the bigger picture. You have the right to protect yourself and your child along with your finances. In our modern divorce, no one really cares who was the meanest or who slept with whom. It is everything about money.
Every spouse’s income and assets should be on top of the table. Also, most couples do not know about their spouse’s finances and are confused about where to start. Hire a divorce attorney monroe nc to discuss the options of saving everything that you belong to after divorce.
Things that can delay your divorce
- Listening to advice from the wrong people.
During a divorce, you may find comfort in speaking with your friends and family. However, when it comes to legal procedures, you should never take advice from inexperienced people or people who do not know the law.
You may hear things like “Do not settle for anything less than the house and the car” or “You deserve this and that.” This is not practical advice. No two divorce cases are similar, and what was right for others may not be for you. It is best to talk to an attorney who will help you set realistic expectations.
- Lying and keeping secrets from your attorney.
When you start lying and keeping secrets from your attorney, that is when you lose your case. Your attorney is a qualified professional who is there to guide you through a difficult and complex time. They have your best interests at heart. But they cannot help you unless you are being totally honest with them.
For example, it is not uncommon for people to hide assets during a divorce. If you hide assets without telling your attorney, your plan will backfire. Moreover, if your spouse finds out about it, you will lose credibility with the court. In such a situation, even your attorney won’t be able to save you anymore.
How to keep everything from losing everything in a divorce.
- Dig and research into your spouse’s business
If the wholly-owned businesses shield income comes from the spouse or the IRS, tax returns may not represent the total income of the company. If your money is at stake, hire a forensic expert. The expert will research the documents and let you know the location of business assets and the amount of cash floating.
- Prepare copies of financial statements.
Write everything in a documented way. While the court may neglect you, but will always care about the piled-up documents. Also, you should not rely on digital documentation. If you have a joint bank account with your spouse, you should change the password as soon as possible because it includes tax forms, bank account statements, and financial documents you signed up for long ago.
- Protect your flanks
You can keep some amount during the months of settling. Hiding some of your money in the form of cash is always recommended in any divorce. You can also freeze the joint credit cards and joint home equity line so that your ex-spouse can not run extra debt on you.
- Go for pension and retirement accounts.
You may need to hire an expert to check the value of the traditional pension. If you receive a future payout from the retirement plan, you might want to invest elsewhere, like trading or buying property. If your spouse has numerous options, benefit plans, and different types of deferred compensation, you should negotiate about it too.
- Deciding your needs
You should decide what you want and what you need. When you go through the divorce process, your attorney will ask you if you are satisfied with it? Or can you live with this? Your attorney will provide you with vast options to satisfy your needs. Therefore, do not agree to a settlement that you can not deal with if you are unaware of long-term conditions.