You know your divorce will bring significant financial changes to your life, and you may have concerns regarding how these changes will affect your business, long-term savings and more. It is especially important for high-income individuals and those with closely held assets, such as Texas entrepreneurs, to prepare for the potential financial fallout. Anything you can do to prepare your finances and develop your strategy before you move forward may help secure terms that will allow you to have stability and security going forward.
The decisions you make during your divorce have the potential to impact you for years into the future. Whether you are an executive, business owner, doctor or other type of professional, you have the right to protect your future financial interests. Preparation for divorce will give you a stronger chance of successfully shielding your post-divorce security and long-term stability.
Tips for your divorce
Every divorce is different, and you have specific objectives that are unique to your individual situation. However, the following suggestions may help you prepare well for a high-asset divorce and secure your interests from the earliest stages of the process:
- Start tracking expenses now, and keep doing this throughout the divorce process.
- Gather all financial documentation that may be important, including bank statements, income tax returns, list of assets, loan papers and more.
- Maintain a conservative financial stance until the divorce is final, including making any major purchases or significant financial decisions.
- Be prepared to tenaciously defend your position, especially if there are complex assets, business assets, significant wealth or other valuable property at stake.
Financial preparation before a divorce will help you navigate your divorce in a way that is practical and intentional. Knowing your goals and your rights beforehand may also reduce the need for litigation and a lengthy, complex court battle over money and property.
What’s best for you?
Before you decide on any terms that could affect your financial future, it may be beneficial to seek an assessment of your specific case. An explanation of your legal options can be a prudent first step for individuals looking ahead to a high-asset and potentially complex divorce. The effort you make now to protect yourself and your hard-earned assets can help you feel confident as you seek beneficial, fair and sustainable terms in your final divorce order.