Marriage is all about giving and taking. Most spouses are happy to share their time, energy and money with their other half. However, many expect this give and take to continue when a marriage ends in divorce.
Those who work hard to build a lucrative career and pad their income with wise investment choices stand to lose much in a divorce. Naturally, you want to protect the assets and investments you built on your own, and here are three strategies that may help you meet this goal.
Sign a postnuptial agreement
Provided your spouse is agreeable, a postnuptial agreement could preserve some of your assets during the property division stage of divorce. It works just like a prenup in that it allows spouses to decide how to divide their marital assets and debts.
You may be able to incorporate the postnup into your divorce decree, substantially reducing the time it usually takes to settle property matters.
Separate your financial activities
Once you and your spouse commit to getting a divorce, it is wise to begin disentangling your finances. You shouldn’t take any funds from joint marital accounts without legal guidance, but you can open new accounts in your name to store your separate property.
From this point on, don’t mix separate assets with marital property to avoid complicating the property division process.
Having the right support
When you have much to protect, professional guidance can save you from property division pitfalls. For example, a forensic accountant can help you anticipate your future financial needs, which can ensure your divorce decisions serve your best interests.
Other professionals to consider are a financial advisor to help you address the future and someone with legal knowledge to help you navigate the Florida divorce process.