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Taking steps for protection during divorce

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Taking steps for protection during divorce

| May 12, 2016 | High Asset Divorce |

When Pennsylvania residents are thinking about divorcing, it is important that they take certain steps to better protect themselves both during and after the process. By thinking things through ahead of filing, they may be able to minimize the financial and emotional damage they might otherwise experience.

Before filing, it is a good idea for people to understand the picture of their assets and debts. After they file, they may find it difficult to collect needed documents or to remember the extent of the marital assets. To avoid this problem, it is smart for people to take photographs of the household belongings. They should also collect and photocopy all of the important financial documents, including such things as tax returns, bank, retirement account and mutual fund statements as well as outstanding invoices.

It is also a good idea to think about the items people just can’t live without as well as the ones that they can agree to part with. In a divorce, no one gets everything they want. Keeping this in mind may help people to arrive at a complete agreement dividing all of the marital property. Divorcing parents need to avoid using their children as leverage. All this does is make the process more bitter while also damaging the children.

A high-asset divorce may involve additional problems that will need to be addressed. One spouse may have run up debts that the other is unaware of. There may be hidden assets and hidden accounts that need to be discovered. It could be a good idea for a person in this situation to have the assistance of a forensic accountant as well as the advice and counsel of a family law attorney.

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