How to Avoid Money Loss in a Divorce
A primary consideration and objective during a divorce case is to protect assets and income. You need to take a proactive stance to avoid money loss in a divorce. Hopefully your spouse will join in this effort. However, keep in mind that cooperation between spouses does not always occur, even when it comes to mutually beneficial financial issues. You can employ a number of important strategies to avoid money loss in a divorce.
- Difficulty:
- Moderate
Instructions
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1
Consider outpacing your spouse and filing for divorce. Take the initiative rather than waiting for your spouse to initiate proceedings. Filing for divorce first provides you a bit more control over the case, at least during the initial stages.
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2
File a motion for temporary orders at the same time you file a petition for divorce. All states allow for the issuance of different types of temporary orders, some of these directives dealing with financial issues. The court clerk's office has sample motions and guidelines for divorce cases available for your use.
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Request child support immediately through your motion for temporary orders if you anticipate being the primary caretaker of the children during the divorce case. One reason why many people experience financial instability during or because of a divorce is a lack of proper funds to care for children.
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4
Ask the court to grant you temporary maintenance (formerly known as alimony) in your motion for temporary orders. The purpose of temporary maintenance is to assist in maintaining your traditional standard of living during a divorce case.
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Request that you are granted possession of the marital residence during the divorce. Even if the property is to be sold at some point during the divorce proceedings, you personally save money by not being the spouse having to set up a new residence.
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Prepare a detailed and comprehensive financial affidavit or worksheet. All states require divorcing parties to prepare documents detailing financial issues. Clearly identify assets that you maintain were your own before the marriage.
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Tips & Warnings
When pursuing a divorce case, you do not have to go it alone. Seriously consider retaining an attorney to represent you. Although you have to pay for the services of a divorce lawyer, in the end you are in the best position to avoid money loss in a divorce overall through the assistance of a lawyer.
Closely examine the financial disclosures made by your spouse. Hiding assets is a common problem in a divorce case, a situation that jeopardizes your financial future if it occurs.
