"Simply put, my job is to protect the family and assets you have worked so hard for"
----Don Armstrong
Hidden Assets Business Valuations Prenuptial Agreements Trusts Negotiating Fair Settlements
Take steps now to protect your financial future. Divorce is expensive, and a poorly handled divorce can be catastrophic for a business owner.
If you own a business or have considerable assets, its wise to utilize prenuptial and postnuptial agreements. In a contested divorce you may be vulnerable if you have questionable financial practices involving taxes or investments. The process of having to produce extensive and detailed records for an opposing attorney can cost thousands of dollars in lost time. If unlawful practices are detected, you could face criminal charges and loss of your business.
The best course of action is to hire a financial advisor and ethical divorce lawyer with a reputation for achieving reasonable settlements that respect the contributions of each party. Spousal support is not always awarded, but the courts tend to protect the weaker partner by awarding greater assets. If it is learned that you have intentionally hidden assets, the court will likely punish you by increasing the award to your spouse. Remember that Judgments can be amended if fraud is detected. Forbes Magazine (Nov. 13, 2006) warns that hidden assets crop up in divorce settlements for people at all income levels.
Both spouses should be familiar with family finances, and have access to information. The weaker financial partner should have cash in his/her own name to pay legal bills and other expenses until a settlement is in place.
Update your will, carry insurance, establish credit in your own name and consider if you need advance health care directives and powers of attorney. Also, periodically check credit reports for you and your spouse to be sure your credit rating isnt being eroded.
Click here for credit history reporting agencies.
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