During a long marriage, finances typically become so intertwined, it’s hard to determine who paid for what. However, knowing what assets a couple owns and where those things came from can be very important if they ever get divorced. Although the amount of money in a spouse’s retirement account might not seem important during the marriage, something as minor as that could be a huge factor in the divorce.
Cash on Hand
It’s not too difficult for someone to find out how much money they have in the bank. However, in the months prior to asking for a divorce, a spouse might start to filter money away from the joint account, making it harder to determine how much the couple actually has. It’s critical to be aware of matters like this because missing money could reduce the amount of a settlement.
In many marriages, one spouse handles most of the family financial matters. Although this could make life easier for the spouse that doesn’t have to worry about paying the bills, it could also be detrimental if they ever get divorced. Anyone who thinks their spouse may have assets they don’t know about should contact an attorney. This divorce information is crucial in ensuring both spouses get their fair share of the marital assets in a divorce.
One spouse might also surprise the other with debts during the divorce. Since all assets and debts are considered when determining a settlement, bills the other person made without their spouse’s knowledge could reduce their ability to move on after the divorce has been finalized. It’s important to do some research and find out about any debts prior to filing for divorce. Ordering a copy of credit reports from all three major credit bureaus should uncover any accounts.
Divorce can be an expensive endeavor but it shouldn’t be filled with surprises. An attorney may help a client search for assets, debts and missing cash prior to going to court so these matters can be presented to the judge. It’s important to choose an experienced divorce lawyer who can discover hidden accounts, real estate and cash to get their client the best settlement possible.