Planning For Post-Divorce Financial Stability
In this article, you can discover:
- The importance of assessing your financial needs and planning for stability post-divorce.
- How to protect your business and personal assets during a divorce.
- How a divorce attorney can safeguard your interests, especially in cases of financial abuse.
How Can You Plan For Your Financial Stability After Divorce?
Your life will change after divorce and understanding your future financial needs is crucial. Take a look at your current spending and estimate what your future expenses might be. Remember, maintaining separate households will likely cost more than sharing expenses with a partner. You’ll need to consider costs like housing, car maintenance, and spaces for your children and perhaps pets. Being proactive in assessing these costs will be a big help as you navigate through and beyond your divorce.
How Can You Safeguard Your Business Assets During A Divorce?
If you or your spouse started a business during your marriage, it might be considered a marital asset, especially if both of you contributed to building it. To protect these assets, an appraisal of the business is usually needed. It can be challenging, but exploring alternatives to splitting the business, such as offering other assets to the other party, may be an option.
What Role Can A Divorce Attorney Play If You’ve Been Financially Abused By Your Spouse And Can’t Access Records?
If you’re in a situation where you’re unaware of your financial status due to abuse, a divorce attorney can use legal tools like ‘Discovery’ to gather evidence. They can send requests for documents to the other party or even subpoenas to banks and other institutions that hold financial records. This can help you build a solid case despite limited access to financial records.
What Legal Measures Can Protect You From Further Financial Abuse During Divorce?
A divorce attorney can employ several legal remedies to protect you from further financial abuse. One of these measures is a summons served at the start of a divorce, which prevents the other party from misusing assets beyond everyday living expenses. This means that while they can pay for necessities like rent and utilities, they can’t make extravagant purchases that would deplete their shared assets.
How Can A Divorce Attorney Help Navigate Complex Financial Matters Like Business Valuations Or High Net Worth Assets?
Divorce attorneys can help prevent the destruction or unfair disposal of marital assets, including businesses and high-net-worth assets. They can subpoena records and hold the other party accountable for transactions that undermine the value of shared assets. Even if the other party tries to hide these transactions, a skilled attorney can still unearth the necessary records.
Can A Divorce Attorney Help You Obtain Protective Measures Against Financial, Emotional, And Physical Abuse?
Yes, divorce attorneys can help you obtain restraining orders or orders for protection to safeguard you against physical violence, harassment, and financial exploitation. These orders can also restrict the other party from destroying assets or financial records. As for emotional abuse, maintaining distance and having monitored communication are often the most effective strategies. Your attorney can guide you through these processes to ensure your safety and well-being throughout your divorce proceedings.
For more information on Planning For Post-Divorce Financial Stability, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (763) 284-5552 today.