Family & Relationships How to keep from losing everything in a divorce, in 6 steps

01:17  05 january  2018
01:17  05 january  2018 Source:   techinsider.io

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Learn how to protect your money before it's too late. If you live in a state with community property laws, such as Washington, California, or Texas, you could lose half of everything that's jointly owned in a divorce .

If you're staring down the face of an impending divorce , you're not alone: It's divorce season

Jennifer Aniston Vince Vaughn The Breakup© Provided by Business Insider Inc Jennifer Aniston Vince Vaughn The Breakup Universal Pictures

If you're staring down the face of an impending divorce, you're not alone: It's divorce season.

The antithesis to December's engagement season, divorce filings begin to spike in January, peaking in February and March.

While it might be an emotionally harrowing time, it's important not to lose sight of the bigger picture. You need to protect yourself, your kids, and your future, and that means getting your finances in order — pronto.

This Is Why January Is the Biggest Month for Divorce

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While it might be an emotionally harrowing time, it’s important not to lose sight of the bigger picture. You need to protect yourself, your kids, and your future, and that means getting your finances in order — pronto. Getting around the six month residency requirement to file a divorce in California.

SEE ALSO: How to keep from losing everything in a divorce , in 6 steps . DON'T MISS: A top NYC divorce attorney shares the one thing she wishes everyone knew before getting divorced .

Related gallery: 10 Amazing Things That Happen After Divorce That No One Tells You About. Provided by POPSUGAR

10 Amazing Things That Happen After Divorce That No One Tells You About: <p><a href=Divorce can indeed be a sh*tshow, but there is also good that comes from it. Sometimes there is so much good, that you can't help but call divorce a blessing . . . even when there is heartache to account for.

Sometimes, people don't want to say how good divorce can be for fear of sounding harsh or belittling to marriage. The fact is, not every marriage is meant to have a fairytale ending. Sometimes, they are meant to be "necessary endings" in order to flesh out bright and beautiful beginnings.

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10 Good Things That Can Come From Divorce

If divorce is looming, here are six ways to protect yourself financially.

1. Identify all of your assets and clarify what's yours

Step one: Identify your assets. Before you can proceed with anything else, you need to know how much money you have and where it is. Next, clarify what's in your name and what belongs to your spouse, including any mortgages, bank accounts, investments, and other assets.

"A judge is going to care more about a good financial statement than a picture of someone going out of a motel," Stanley Corey, a certified financial planner and managing director at United Capital in Great Falls, Virginia, told Business Insider. "It all comes down to the basics of the dollars and cents, so get current statements of value of assets and get things clarified."

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That is the question that I hope to answer with these 6 guidelines to avoid losing everything in a divorce . No matter how good you are at something, there will always be somebody better. In my youth, I never really understood why he kept repeating that to me.

Some people lose everything during the divorce process because they lose sight of the big picture and their animosity toward their spouse takes It’s hard to keep your eye on the prize (finishing your divorce ) when you’re in the middle of it. Make Any Man Beg to Be Your Boyfriend in 6 Simple Steps .

2. Get copies of all your financial statements

Get everything in writing. Everything. While the court may not care about proof of your spouse's affair, it will care about proof of your assets, so start compiling as much documentation as possible.

Be careful not to rely on electronic copies, however, warns Shelly Church, a certified financial planner and senior vice president of investments for Raymond James. You don't want to risk getting locked out of your information if a vindictive spouse decides to change the passwords to all of the joint accounts, so print everything out.

This includes bank account statements, tax forms, brokerage firm statements, and any financial documents you've signed in the last few years.

3. Secure some liquid assets

The last thing you want is for a petty spouse to leave you without any cash, but it happens. Church recommends taking a proactive approach: "If there's a joint account, [you] can actually set up an account just in [your] name and move a certain amount of assets over."

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SEE ALSO: A top NYC divorce attorney shares the one thing she wishes everyone knew before getting divorced . DON'T MISS: How to keep from losing everything in a divorce , in 6 steps .

How to keep from losing everything in a divorce , in 6 steps . Specifically, we should make shared parenting the default outcome of every divorce in which children are involved and neither parent is unfit to

Don't wipe out the account, but make sure you have enough to cover your bills until attorneys can get involved. Otherwise, the only way to get access is to hold an emergency court hearing to get temporary child support or temporary alimony.

"That's expensive and time-consuming, so if you can get some assets that are liquid, some cash that's available, that's very important and that will buy you a little bit of time," Church explains.

Community vs equitable divorce© Provided by Business Insider Inc Community vs equitable divorce Universal Pictures

4. Know your state's laws

Divorce laws vary from state to state, starting with fault versus no fault states, so it's important to know exactly what you're walking into.

If you live in a state with community property laws, such as Washington, California, or Texas, you could lose half of everything that's jointly owned in a divorce.

In these states, marital assets — and debts incurred by either spouse during the marriage — are divided 50/50. However, separate property (anything held in only one spouse's name, including property owned before marriage, given as a gift, or inherited) is not taken into account.

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How to keep from losing everything in a divorce , in 6 steps . Specifically, we should make shared parenting the default outcome of every divorce in which children are involved and neither parent is unfit to

Feeling secure in a divorce is important and this is one way to gain security. Don't lose focus, but also know when to step away. Instead of doing everything you can to avoid them. You can’t begin the healing process or move forward until you do. Step 2 for How to Handle a Divorce : Mediation!

5. Build a team

In addition to hiring an attorney, it's important to have a trusted financial adviser in your corner — especially if your spouse was typically the one to handle the money. Find someone that you not only trust, but who is able to explain things to you in a way that you understand.

"If there's a non-financially-savvy spouse, and they're not really understanding, they sit in these meetings and smile and nod, then they should probably go to somebody they truly understand and somebody they're connecting with," Jacqueline Newman, a managing partner at a top New York City divorce law firm, told Business Insider.

Even if you're well-versed in finance, it's still important have an experienced family law attorney and a financial adviser on your team. Divorce is mired in emotion, so you'll want non-biased parties to be able to speak on your behalf and ensure that you're properly protected.

"You're going to need someone to be speaking for you, because there's a lot of emotion involved in divorce, whether you acknowledge it or not," Church says.

6. Decide what you want — and need

"When you normally go through the divorce process, the lawyers are concerned with reaching an agreement for you to have a settlement," Corey explains. "And they'll say, 'Can you live with this? Can you deal with this?' They're doing the best that they can to get the best deal or settlement for their client."

Tarek El Moussa talks cancer, divorce and finding happiness after struggles

  Tarek El Moussa talks cancer, divorce and finding happiness after struggles The "Flip or Flop" star spoke to Dr. Drew Pinsky about how his struggles ultimately led him to happiness. "Flip or Flop" star Tarek El Moussa says battling two types of cancer and navigating a difficult divorce left him a broken man.But in an interview with Dr. Drew Pinsky, the reality TV real estate agent revealed how those struggles ul "I was so broken after everything I went through, like, literally broken, that I was devastated," the 36-year-old said during the latest episode of "The Dr. Drew Podcast.

The second step in the process of overcoming a divorce and getting back together is learning from the past. You will need to really reflect on your failed marriage and have an unbiased bird’s eye view of when and how things fell apart.

Some valid, some not.Here are 6 Steps to Stop Feeling Guilty after divorce .. Feeling guilty over divorce keeps you stuck in the past. I’m willing to lose everything just to be free. Nicole Luffman says.

But if you aren't aware of what you need long-term, you could be agreeing to a settlement that you actually can't deal with. What sounds like a big number at the time could fall incredibly short in reality. Take a wide-lens look at your finances: How much do you need to maintain your standard of living? How much will you need to support your kids?

Related video: Billionaire's wife seeking record divorce settlement. Provided by CNN

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