How To Protect Your Money In Case Of Divorce

The emotional difficulties everyone ahs to cross after any separation process cannot mask its financial aspects.
Tips to avoid any future problems.

Key points

1. If both partners are reasonable people, they should seek advice and consider obtaining an arbitration settlement before entering a fight to define their financing agreements and their divorce. This will be best for both of them.
   
2. If your partner wants to cause financial problems, you have no choice but to get a good defense lawyer and act quickly. It is important that this defense lawyer is trusted, since many lawyers are more concerned with billing their hours of work than with offering effective help.
   
3. Close all joint accounts and get those accounts that are only in your name. Seek legal advice to do this and be sure you do not make any mistakes.
   
4. If your paychecks are automatically deposited into a joint account, put an immediate end to this situation and process a transfer to the new account that you control.
   
5. Alert your credit card company about the new situation and prohibit any charges to your account made by your husband (i.e. if you are the owner of the credit card, suspend the card).
   
6. If you do not have a credit card in your name only, ask for one.
   
7. Meet with your ex to reorganize all documents and property records you had with them. If he or she is the holder of securities, be sure to get copies of all such documents.
   
8. Work with your attorney to propose what you think is a fair distribution. Be prepared to offer a good solution and get things to develop faster.
   
9. Make sure you understand how your retirement plan and your partner work. If you have not worked outside the home, make sure that the agreement explicitly states your share of benefits in your partner’s retirement and how they should retire.
   
10. Alert any bank, broker or mutual fund that holds assets on both sides of the couple and that does not require two signatures for any operation, so that you can freeze your assets until the establishment of a mutual agreement.
    
11. If you own a business with your partner, know that there will be difficulties in assessing the real business value. Make sure that the value is considered fairly.
    
12. Make sure you have a clear understanding of the document which is responsible for each debt. Protect yourself by removing your name from any card credit loan or your partner might be able to use it.
    
13. If you have children, be sure to clarify who will pay the official documentation of the maintenance costs, care and education of your children.
    
14. Custody and maintenance of the children are always more complicated issues. You also need to minimize the involvement of the children in such quite hostile situations.
    
15. If during the divorce process you see the need to change a point with which you are dissatisfied at any time, do so, until it is too late.

Additional tips

1. If there are children involved, think before doing anything and note that the settlements without dispute minimize the impact on them.
   
2. Do everything you can to solve the problems and monetary issues fairly and as quickly as possible, giving you peace of mind to tackle this delicate trance of your life.