Perhaps you spent years commingling money with your spouse, but now that the two of you plan to divorce, you must separate your funds and assets once again. Do you know how to protect your money during divorce?
Business Insider offers tips for minimizing financial losses during a marital split. Set yourself up for financial success for the next chapter of your life.
Gather copies of financial statements
Divorce involves a lot of paperwork, including financial statements. Gather documents of all personal and marital assets, including tax forms, banking statements and brokerage firm statements. Do not rely on electronic documents, as you do not want to risk your soon-to-be-ex “accidentally” locking you out of shared accounts.
Clarify your personal assets
Make a list of all assets in your possession. Then, define which belong to you and which Washington courts consider marital property. You may have a professional valuate your assets, to better determine how to plan your divorce settlement.
Understand the latest state laws
Even if you have a legal professional’s help during your legal case, gain a rudimentary understanding of state divorce laws. For instance, because Washington relies on community property laws, you risk losing half of all your joint-owned possessions.
Differentiate “want” from “need”
Which marital assets would you like to have rather than need to have? Differentiating the two saves time and money during your divorce case. Consider taxes, use and long- and short-term costs when deciding which assets to fight for. For instance, while you may think you want to remain in your marital home alone, you may have a hard time paying property taxes, maintenance and general upkeep on your salary alone, even if you receive alimony.