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Have you recently split up from your partner? Then you might be wondering the answer to the question how can I protect my money from divorce? Nobody wants to have to think about this but it’s important to protect yourself against your spouse who may try to take everything you have. Even Billionaire Amazon Boss Jeff Bezos had to consider this.
Here’s everything you need to know about protecting assets and protecting yourself from hurtful and opportunistic claims against your estate
1. Talk to Your Spouse
Talking is the single most important thing you can do during a divorce. If you stop communicating or trying to understand each other then you could quickly find that your partner starts to consider you are evil or untrustworthy.
If this happens instead of negotiating or seeing your side they will simply start planning on how they can take everything from you. Instead, be calm and talk to your spouse.
Try to see it from their point of you. What are you doing wrong? And how can you get them to empathise with your position? If you can achieve this then you could agree on a settlement that is fair for both of you. You could avoid the need for expensive lawyers and you can move on with your lives sooner.
2. Hire a Good Lawyer
If you can’t talk to your spouse because communications have broken down or you feel the other party is unreasonable then now is the time to hire a good lawyer. They can provide answers to complex divorce questions but they can also help you understand what your rights are.
A good lawyer will not simply try to maximise your potential settlement as much as possible, they will ask you what you think is a fair deal and then try to get this for you.
3. Be Transparent
Another good way of protecting assets is to be transparent. Declare everything. Don’t try to hide what you have such as moving your money to a different bank account or re-financing certain assets. If you are found out it will work against you. The judge will be more likely to rule against you. You might even be charged with perjury.
Instead, be transparent and clear. This will stand you in good stead in the future and you will not be accused of lying.
How Can I Protect My Money from Divorce? Be Transparent
We all must ponder how can I protect my money from divorce? Especially in the current pandemic circumstances. But the truth is the best way to protect yourself is to be honest and transparent. Also, hire a good lawyer if you need to and try and educate yourself on the process as much as you can.
If you are interested in learning more about protecting assets in a divorce be sure to check out the rest of our site.