Divorcing a millionaire is challenging, especially knowing that you may have to share 50% of your total wealth with your partner after the divorce. However, in this post, we will share all the legal tips and advice that will keep you from losing all the finance during a divorce and protect yourself financially.
#1: Identification of your assets and understanding the assets which are yours.
The number one step is to have a clear understanding of all the assets you own. Before you proceed ahead, it is crucial to identify all your assets. Next, you need to have a clear gist of what is yours and what assets belong to your partners, including bank account, mortgage, investments, and more.
#2: Get all your financial statements in writing
Get all the proofs of the assets you own in writing. Instead of relying on the digital copies of your financial statements, get everything in writing. This is because you don’t want to risk your partners changing your accounts’ passwords and losing your digital prints of all the documents you have signed over the years, including bank statements, tax forms, etc.
#3: Securing liquid assets
Many cases end up with your partner, leaving you financially drained. To avoid this, you can change your joint account with your partner to complete your name and move a few of your assets there. Remember not to wipe your account out totally, but enough that you can take care of your expenses until your local attorneys are involved.
#4: understand your state’s law
Every state has different laws. If you are from Washington or Texas, you may end up losing 50% of your total income. Therefore, understand all the laws to get a clear idea of what you are getting yourself into.
#5: Hire a good lawyer or attorney
The next step is finding a reliable lawyer or attorney with years of experience in family law. Remember, it is also good to hire a financial expert who will help you secure your belongings without draining you financially. In addition, an attorney will help you take the following steps by carefully examining your divorce case and then guide you on the next steps.
Where to find a good attorney?
If you are from Houston, you can hire a high net worth attorney from Ramos Law Group, PLLC. You can schedule a consultation, and the top lawyer will study your case and further examine the steps needed.