When you discuss tips about divorce with your attorney, years of legal knowledge come into play. Attorneys acquire a lot of know-how from handling all kinds of divorces and seeing the multitude of situations that arise. Here are just a few things to keep in mind.
Importance of Understanding and Protecting Your Finances
Working with a financial advisor who can collaborate with your lawyer is often a smart idea. Business insider discusses how financial advisors can explain finances in straightforward language. This is particularly important if your spouse was the one who handled all the finances during your marriage. Keep in mind that your spouse’s attorney and his financial advisor have his/her best interests in mind — not yours.
Even if you’re financially savvy, divorces are riddled with intense emotions. It’s wise to have objective professionals involved to watch out for your best interests.
Maintain Hard Copies of Documents
Despite the fact that online copies are very convenient, you don’t want your spouse to lock you out of a joint account. For this reason, it’s wise to print hard copies that you can give to your lawyer for safekeeping. The court wants to see documentation and you’ll need bank statements, tax forms, investment statements and all other documentation related to finances in hard copy form.
Be Honest about Finances
Sometimes when caught up in the emotions of divorce, a spouse will do things like try to hide assets by opening a secret bank account. Another tactic may be to gift money to a friend or love interest. Doing so is against the law. The law requires you to disclose all assets, income, expenses and debt during divorce.
The Los Angeles Times reported about a California case in 1999 where 11 days before filing for divorce, a woman won $1.3 million in the state lottery. She withheld this fact from the court during divorce, and when the judge discovered the hidden asset, he awarded the entire amount to the husband. The judge decided the wife had acted out of fraud or malice. Under California law, which is based on community property, the court would’ve divided the amount equally between both spouses.
Contact an Attorney for Important Tips About Divorce
If you have questions about divorce, our attorneys at C.E. Borman & Associates are glad to advise you.