Divorce can hit your assets and bank balance significantly. While most people focus on the emotional and psychological stress of undergoing a separation, they overlook the financial aspect completely. And this can affect them adversely. So when going through a divorce, think with your mind and try to protect your money and assets the best you can.
Both contested and uncontested divorce involves a division of property and assets. It is important to protect your interests without the intention of harming others. Often, one party attempts to extract more from their spouse, leaving them financially strained. Ensure this does not happen to you. Read the following steps to protect your asset during a divorce.
* Assess Your Property
It is important to know how much money you have. Even if you do not have a lot in your bank account, other assets can have a good valuation. To protect your interest, you must know what you both own and how it should be divided.
Having a strong financial sense can be helpful here. Take everything into account, from houses owned to credit cards, and list everything that can be presented with a monetary value. A divorce lawyer Hawaii can help you greatly in this aspect. Since they have prior knowledge of what's admissible in the court and what's not, they can guide you better.
* Make Separate Bank Accounts
If you have a joint account with your spouse, maybe it's time to split that. Make a separate account, withdraw your share of your money, and put it there. This way, you dodge the risk of losing all your savings if your spouse decides to withdraw it all.
* Hire a Lawyer
Let's admit it, a guide to family law Hawaii can help you understand the basics, but it can never substitute professional help. Hiring a lawyer is one of the best options available to you. An experienced lawyer will help you assess your assets and give you the best tips for preserving your interests.
Most lawyers have high-level professionals working under them, and they do their job meticulously. Accountants, auditors etc., can help you get the best estimate and this way, your partner won't be able to cut you off from properties you have a legitimate right to.
* Emergency Fund
Having an emergency fund, divorce or not, is always advisable. It lets you access money when you are in need. It is best to start saving up right from the beginning, but in case you do not have one. It isn't late. You can still have an emergency fund. You can either start saving the most amount you can or move funds from your savings account to your emergency account.
Divorce is expensive, and you may need money now and then. Thus, it is best to have an option open for expenditure.
* Keep Custody and Child Support in Mind
If you have a child involved, it need not be said the divorce becomes more complicated. And so does the financial aspect. Childsupport Hawaii has some strict rules keeping in mind the child's welfare. Make sure you do everything you can to protect your financial status. If you get custody, you should plan your financial needs likewise and try to get the best possible deal.
An attorney can help you in this aspect as they know all the essentials of child custody laws in Hawaii. They can help you chart up the support your child will need.
If you are the one providing child support, list all your assets and income properly to present the best case possible in court.
Correct Paperwork
When it comes to legal separation, correct paperwork can be of great help. Fill out the paperwork without a mistake. Take your attorney's advice and do it under his/her supervision to be doubly sure. In case anything goes wrong, you might not get the best deal in the court, thereby losing an upper hand in the case.
Bottomline
Financial planning is non-negotiable in a divorce. It allows both partners to keep valid assets to themselves. Make sure you follow the above-given tips to get a clean division of property. If you are not sure, seek professional help. Many people underestimate the role of an attorney, do not make that mistake, or it will be too late.
