Should I See A Financial Adviser Before Filing For Divorce?
Generally, you don’t need to see a financial advisor before a divorce, unless you have a sizeable estate. If you do have a significant estate or net worth and you have assets that are held by a financial adviser, it might make sense to determine what suggestions that adviser has. The other time it might make sense to see a financial adviser is when someone doesn’t have any background in finance and doesn’t understand investments or retirement accounts. The same is true for someone who hasn’t been in the workforce, isn’t familiar with budgets, and doesn’t know how to manage money. This could be the case for a stay-at-home parent, for instance, who is going to receive child support and alimony but has no experience managing money or expenses.
I Want To Start Building My Financial Future Without My Spouse. Can I Move Funds To Other Accounts Or Give Them To Someone Else I Trust Before I File For Divorce?
Even if you start to move assets before the divorce has been filed and your spouse doesn’t know, you still have a duty to disclose those assets. Throughout the course of the divorce, the parties are going to be asked whether they have disclosed all their assets and debts. If they moved assets to a different account or asked a third party to hold the assets for them and fail to disclose that, they have committed fraud.
Can I Protect Myself From My Spouse’s Personal Debts And Ensure That My Spouse Will Help Me Pay Off Debts We Incurred Together?
Any debts that are accumulated during the marriage are part of the marital estate. Each party would be equally responsible for those debts. Debts that are incurred prior to the filing of the divorce are going to be considered marital. If your spouse goes out and runs up some credit cards during the course of the marriage, both parties are going to be equally responsible for those credit cards. There really isn’t any way to protect yourself in advance. Your only recourse is to file the divorce to prevent further marital debt from accruing. You can always reconcile and have the divorce dismissed before it is finalized.
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