Are you staring down at an impending divorce, right? You’re true, divorce is the ultimate fate of every bad relationship not made in heaven.
While, divorce is emotionally harrowing, but financially draining too. So, you are probably wondering how to get a divorce without losing everything?
Although it is challenging to keep everything, even when you file a fault divorce, in this article, we will put forth tips on how to divorce your wife without losing everything. So, read as we discuss these tips in detail.
#1 Identify All Your Assets and Clarify What’s Yours
First things first, you have to identify all your assets and clarify what’s yours. Before you file a divorce petition in court, take time to figure out how much money you have and where it is. After that, clarify what’s in your name and what’s in your partner’s name. All this includes bank accounts, investments, mortgages, and other assets. You will be required to produce financial proof of what you own.
Keeping things crystal clear will help you divide your assets peacefully without creating any mess. This mess will not create irreparable damages to your relation with your partner, but will also adversely impact your mental well-being.
The court may care about your spouse’s affair-proof, but the proof of your assets is a must. So, start with compiling all the documents related to your assets. Don’t rely on electronic copies. What if your spouse decides to change the password for the accounts in the joint name?
Always make sure to have a backup of everything. Even if it’s a pile of paper, ensure having another copy of all the papers you are considering to put forward. Be sure, than sorry.
Also, get everything in writing. This covers the tax forms, bank account statements. Brokerage firm statements, and other financial documents, you’ve signed in recent years.
#2 Secure Some Liquid Assets
Frustratingly the last thing you want is your spouse leaving you without cash. But it can happen if not taken care of. If you have a joint account, you can move a certain amount of your assets to your account and encash it.
Never wipe out the account. ensure that you have enough cash to cover your bills for the next six months and attorney fees. Life is always unpredictable. So, even if you think you are well-secured with your future, consider securing your liquid assets. It’s never a bad idea to be prepared for the worst.
Without enough liquid assets, you would be dependent on your partner. That means a hell lot of trouble for you in getting the required amount for daily spendings. Also, if you are the dependent partner in the marriage, then you can hold an emergency court hearing and request temporary child or spousal support.
#3 Know Your State Laws
In the pursuit of protecting assets from divorce, make sure you are aware of your state laws with the division of assets. The divorce rules and regulations vary from one state to another, right from fault to no-fault. So, it is important to educate yourself on the state divorce laws.
You might want to browse through the website that publishes accurate information about recent law changes of your state and subscribe to get daily updates right in your inbox. Or, you can even consult an expert who can offer you the required information related to state laws.
If you are a resident of Texas, where the community property laws are applicable, you could own 50% of jointly owned assets post-divorce. In Texas, the debts and marital assets during the marriage will be divided 50/50. However, if there is an asset in one spouse’s name, including the before marriage, owned property by gift or inheritance won’t be taken into account.
Decide What You Want
When going through the divorce process, you need the big picture. Ask yourself can you live without this? How much money will you be needing to maintain your standards of living? How much you will require to support your child. Make sure your attorney knows what you need, as then they will plan the strategy effectively.
What You Can Do Before Marriage?
You are concerned after losing your assets because of divorce when signing a prenuptial agreement is the best advice. It is an agreement that defines that in a scenario of divorce, the assets won’t be divided between the spouses. The prenuptial agreement must be undersigned by both spouses before taking the marriage vows. If you don’t have a marriage prenup, then the property and assets divisions will be divided according to the state family laws.
You need the legal advice of your family attorney to help you prepare the prenup agreement. You should discuss your objective of the prenup agreement, and what assets you want to secure.
The Bottom Line
In the end, to keep more when getting a divorce, it is best to hire an attorney with practical experience in family laws. You can get free consultation from one of finest divorce lawyers here. They will guide you through the entire process of filing the divorce and how to go about dealing with different divorce issues such as child support.
However, don’t hire just about any other divorce lawyer, ensure they are a well-reputed one in the region. Before you trust anyone, it would be best if you consult more than one attorney and then decide.
Doing so you will evaluate their confidence, and what they think regarding the outcome, and most importantly their knowledge about the local divorce laws.