Divorcing couples have a lot to think about. If there are kids involved, child custody is number one. Physically separating and making new living arrangements follows closely behind. Separating your finances is equally important but may not be top of mind.
It should be.
As a qualified divorce lawyer in Suwanee will tell you, divorce doesn’t just transform your relationships and lifestyle. Divorce is the process of changing the financial and legal status of one entity into two.
FINANCIAL ISSUES TO CONSIDER DURING DIVORCE
There are several financial issues to address during the divorce process. These include property division, child support and spousal support. These issues are best handled through an experienced divorce lawyer who will represent your interests before the court.
A lawyer can help you craft a separation agreement, enforce a prenuptial agreement or aggressively negotiate a settlement on your behalf. If issues surround child support, alimony and equitable property division can’t be settled out of court, your divorce lawyer shouldn’t hesitate to go to trial, if necessary.
Each of these issues require careful examination because your divorce will greatly impact the asset base you’ve built up over the years. Marital assets, including bank accounts, retirement funds, investment portfolios, business holdings and real estate, are subject to equitable division by the court. Debt is also considered subject to equitable division.
WHAT CAN I DO TO PROTECT MY ASSETS DURING THE DIVORCE PROCESS?
There are some things you can do to separate your finances from your soon to be ex-spouse once you’ve made the decision to divorce.
For example, you can establish bank and credit card accounts in your own name. You can also evaluate your current living expenses and consider what your monthly budget needs will be after divorce. Remember to include items like taxes and insurance as these may change significantly after divorce.
This is also a time to take an inventory of your possessions and begin making decisions about what you’re willing to part with and what you want to keep after the divorce. While you’re thinking about big ticket items like the family home, don’t overlook items with sentimental and monetary value like art and jewelry.
You should also hire your own financial planners, accountants and investment advisors. Often times, high asset couples share these relationships but continuing to do so during the divorce process creates a conflict of interest that could complicate settlement negotiations.
Seeking legal counsel with expertise in high asset divorce is of paramount importance from the outset. Oxendine and Sauls, LLC has a team of experts ready to assist you and protect your interests throughout all the phases of your divorce. Contact us at 770-225-2145 to schedule a consultation today.