Aside from child custody, asset and debt division may be among the most contentious elements of a divorce. When one is facing a high asset divorce, taking a few steps may protect one’s belongings and make the process a little less complicated. Even if trust is not an issue, people ending a marriage in Pennsylvania may be wise to take some precautions.
Matters can be facilitated by gathering financial records for the past five years. It may be best to make copies of these documents and safeguard them somewhere outside the home. Additionally, making a thorough inventory of all assets, including time-stamped photos, is an advisable protective measure. A person may also wish to separate anything that was owned before getting married or items that were inherited or gifted exclusively to him or her. These may not be considered marital property to be divided.
People who anticipate a divorce on their horizon would do well to open their own bank accounts, preferably in different banks from the ones they used with their spouses. Having an individual checking and savings account, as well as a credit card, will be the first step to building a personal credit history. One would benefit from closely monitoring any current credit reports and contacting one’s attorney right away if anything questionable shows up.
Many couples realize that their lives after a divorce will be quite different and that their budgets may require adjusting. It may be necessary to cut spending and make other changes in one’s lifestyle. Making those changes as quickly as possible is usually a good decision.
While there may be no way to make high asset divorce easy, having a firm grasp on one’s financial situation may make the process a little less painful. More importantly, taking a few proactive steps may protect one’s property and economic standing when the process is over and the dust settles. Working closely with a lawyer is also helpful. People in Pennsylvania find that an experienced family law attorney will fight for the best possible outcome and help them through the process with compassion.
Source: marketwatch.com, “6 critical steps to prepare your finances for divorce“, Shawn Leamon, July 15, 2016