Financial protection may be concern during high asset divorce
Being financially secure or even wealthy is a goal in life most people hope to reach. Many Kentucky residents may have reached and went beyond this goal until they accrued a considerable amount of assets. Though they may have married in hopes of sharing their wealth and happiness, their hopes may now focus on protecting as much of their wealth as possible during a high asset divorce.
Fortunately, there are many steps that individuals can take to address their finances before and during divorce proceedings. First of all, if individuals know that the idea of divorce will set their soon-to-be exes off and conflict may be immediate, it may prove wise to take action to protect tangible assets. Certain valuables may need to be taken and put in safe place until legal proceedings. However, parties should make sure to disclose to the court where the items are located, or they may be accused of hiding assets.
Another step to protect assets involves closing joint accounts. As long as the other person has access to all of the funds, he or she could potentially attempt to use a considerable amount of money in hopes of cheating his or her spouse of those funds. However, just because a joint account is closed, it does not mean that the entirety of the funds now belong to a single person.
High asset divorce in particular can be tricky to navigate as money is often a contentious point in many people’s lives. If Kentucky residents want to do their best to protect their assets, they may wish to find out what other steps they could legally take to prevent unnecessary losses. Speaking with knowledgeable attorneys could help parties better understand their property division options.
Source: goodmenproject.com, “11 Tips For Protecting Your Money During Divorce“, March 23, 2018