Though filing divorce papers first can benefit anybody looking for an advantage, it can be especially beneficial for high-net-worth individuals.
As someone with stature, a reputation to uphold, or an abundance of property and assets you’d like to protect, financial benefits most likely speak to you. If you haven’t had the divorce conversation yet, your partner may be in disbelief when tell them that you’ve already filed. Nevertheless, gaining favor during high-net divorce proceedings can be invaluable due to its complexity.
The first benefit is a legal and financial advantage.
Choosing your divorce team
You might have a connection to the best divorce attorney in town. Snag up a specialized attorney and divorce finacial analyst as soon as you can. Dwelling on this step could prove harmful to the assets you hope to protect.
Other financial advantages are the opportunity to first secure the necessary documents, ensuring you have the proper funds to pursue the divorce, and being able to hinder your partner’s attempt at hiding assets.
Obtaining the necessary documents
Compile any relevant financial or legal document showcasing assets, property, or any other personal benefit. While documents will differ by individual, some to include are:
- All financial statements and records (Bank, credit, investment, estate, retirement, etc.)
- Insurance policies
- Retirement accounts
- Will and trust documents
- Any other financial or legal document that could prove beneficial
Securing the necessary funds
Whether you’re the breadwinner or not, you should begin setting aside money specifically for your divorce. It’s a spendy venture for both sides, and if your name isn’t on some accounts, you may be locked out from accessing any of those funds. Also, if you don’t have a personal credit card, get one. The card could tide you over during the initial phases if you didn’t secure enough money before the divorce filing.
Possessive behavior can increase during a divorce. Your partner is going to want to safeguard what they feel is their property. Hiding assets is a popular tactic. Filing first may grant you some immunity to this ploy.
You’ve worked hard for what you have and deserve to keep most of it. File first and gain the upper hand.