Whether you were anticipating the divorce papers or finally decided to file on your own, you can expect disruption in your life as the proceedings occur. However, one thing that should remain secure is your finances. As a high net-worth individual, you’ll face more complications when distributing your assets between you and your spouse, so you’ll need to take additional measures to protect your finances. Understanding how to guard your hard-earned assets and how Los Angeles high net worth divorce attorneys can help is essential. Keep reading to learn more about the most essential steps you can take.
Open Your Own Accounts to Protect Your Finances
One of the first steps you should take when serving or receiving divorce papers is to open accounts in your own name. Often, when couples marry, they comingle their bank accounts and funds. When divorcing, however, ensuring that you open your own accounts to build and maintain a good credit score is essential. You should also consider freezing joint accounts, as this prevents your spouse from spending to spite you. Not only can you get stuck with some of the debt, but it can impact your credit score.
Gather Documents
When filing for divorce, ensuring you review and gather all necessary documents is crucial to ensuring you can protect your finances. This allows you to build a budget for life after your divorce while also helping you understand the extent of your spouse’s finances. If they primarily handle bills, this also allows you to ensure that your spouse is not hiding assets or funds from you and your lawyer.
When meeting with your attorney, you should have all these documents organized and readily accessible in a binder or folder. Not only does this save time, as you won’t have to search for the correct file, but it also saves money since you won’t waste a meeting with your attorney. You should keep copies of the following documents:
- Bank statements
- Business valuations
- Tax returns
- Credit card statements
- Loan applications
- Retirement account information
Protect Your Finances With the Help of an Experienced Attorney
Finally, you’ll want to find an experienced attorney to help protect your assets when divorcing your spouse. While you may understand the basics of how your wealth will be split during your divorce, there are many complexities and nuances that can make it increasingly more difficult to shield yourself and your finances from your spouse or their attorney.
At the Zitser Law Firm, we understand that you’ve worked hard for your assets. You shouldn’t have to forfeit the money and assets you’ve secured through dedication and hard work. Our dedicated legal team has experience in high net-worth cases, which can help provide peace of mind for your financial future. Contact our law firm today to learn how we can help you during this tumultuous time.
