Divorce is never a pleasant experience, yet it is often the only rational outcome of certain relationships. There’s no shame in it.
Despite it being contentious and often unpleasant, there are numerous other aspects of divorce that many people aren’t privy to until it’s too late. Below are three things about divorce that you should know before making any decisions.
Nothing is off limits
Even though it can sometimes feel unfair, everything that you own can be subject to division as part of a divorce. That means everything. Just because something might be in your name, or may not even be completely existant (such as royalty checks or a future inheritance), doesn’t mean it can’t be split up during a divorce. That also includes debts. So if you’re planning on cutting ties, you should be aware of both yours and your spouse’s financial standing. A divorce lawyer will assist you in finding out what assets are liable for division.
Go big now
Typically, after a divorce is filed most states will place a financial restraining order on the divorcees that prevents them from making any large purchases or liquidating assets. So, if you’ve been waiting to get that new car until after the divorce, you might want to buy it now. Otherwise, you’re going to have to wait for a while. Don’t forget, though, that anything you own is subject to division and the average divorce costs anywhere from $15,000 to $30,000 — so plan wisely.
Don’t try to hide assets
It can be tempting to hide your stuff and tell your spouse that you no longer have it, but that can have more serious consequences than simple asset division. If it was ever found out that you were hiding assets, not only would you almost immediately put yourself in an unfavorable position in the eyes of the court, but you might also face some serious penalties, including fines. So keep everything on the table, but hire an aggressive attorney to fight for your stuff.
When it comes to divorce, it can often be a trying time that involves a lot of complex legal issues. In order to protect yourself and your assets, you should find a law office that has experienced divorce lawyers who are able to fight for you in this matter.
At Horn Law Group, LLC, we can provide you with an experienced and professional lawyer who will help bring about a collaborative spousal agreement that minimizes costs, and headaches.