It can be emotionally devastating to accept that your marriage has come to an end. Nobody ever enters into a marriage with plans to get divorced. Marriage is supposed to last forever, and when it doesn’t, it can hurt. Losing a substantial piece of your financial security in the divorce may be especially difficult to handle. It’s important to take solid steps to protect yourself and your finances. A Kansas City, MO divorce lawyer can help you safeguard your security.

The Importance of Protecting Your Finances

In a perfect world, divorce is a quick, emotionless signature on a piece of paper, followed by never contacting your ex again. Unfortunately, divorces are rarely quick and painless. They are often long, drawn-out affairs that can cost you thousands. The complicated process of untangling your life from your spouse’s can take a great deal of time and money to finalize. You will probably have to sell your marital home and close all joint accounts, among other things.

You may not even consider the financial drain of a divorce if you have been focusing so much on the emotional devastation. The more money you sink into court costs, legal fees, and alimony, the more it can start to feel like you are losing control of the situation. Many times, divorces can be a significant source of stress before the financial aspect is even introduced. It can feel impossible to disentangle so much financial security, but it’s crucial that you work through it.

If you don’t protect your finances in a divorce, your spouse may be able to try and claim what shouldn’t be theirs. If you don’t fight back, you could end up losing more than just your money. You could lose out on child custody arrangements, asset division, and spousal support. Taking a proactive stance in your divorce can save you so much money in the long run. If your divorce is uncontested, you and your spouse may be able to work this out together.

According to the CDC, the divorce rate in Missouri was about 2.7 per 1,000 residents in 2022. This puts Missouri at one of the highest rates in the nation, just below the national rate. If you are dealing with post-divorce trauma, you may want to consider reaching out to a local Kansas City divorce support group, such as DivorceCare or DivorceCare for Kids. It can feel good to talk to somebody who understands what you are going through and can provide support.

How to Protect Your Finances

Above all, you want to make sure you aren’t taken advantage of in your divorce. The first step to ensure you are protected is hiring a lawyer. An experienced divorce lawyer can make all the difference when you go up against your spouse in court. They can help you devise a strategy that can protect your financial security. Here are some important steps you can take to ensure your finances are protected:

  • Prenuptial Agreement: One of the most effective ways to make sure your assets are thoroughly protected is to plan ahead with a prenuptial agreement (or prenup). A prenup is a legally binding document that guarantees protection in the event of a divorce, especially if your spouse violated a clause in the agreement, such as an infidelity clause. Getting a prenup can be difficult if your spouse sees it as an insult to your love.
  • Separate Accounts: It may be wise to keep your accounts separate from the start. If you never combine your finances, you won’t have to disentangle them in the event of a divorce. Married couples may seek to establish separate accounts for their own reasons. It doesn’t always signify a lack of trust.

FAQs

Q: What Is the Main Reason for Divorce in the United States?

A: There are countless reasons why people get divorced in the United States. Everyone’s needs in a relationship are different. If they aren’t met, divorce may be a viable option moving forward. Generally, the biggest cause of divorce in the country is a lack of commitment. Marriage takes continuous work. If one spouse is not committed to making the marriage work, it can cause the whole thing to collapse. A lack of commitment can take many different forms.

Q: How Can I Lose Big in My Divorce?

A: There are many ways you can lose big in your divorce. If you don’t take the necessary steps to protect yourself, your finances, and other assets, you can expect to lose substantially. Speak with a divorce lawyer about viable options. The most effective way to avoid losing big in your divorce is to plan ahead with a prenuptial agreement. If you didn’t make plans, you may end up losing assets, depending on your situation.

Q: What Can a Divorce Lawyer Do for You?

A: There are many things that a divorce lawyer can do for you. Your lawyer’s primary goal is to make sure you are not taken advantage of in your divorce. They intend to do what they can to protect your interests. Your lawyer can take charge of your case by handling administrative tasks and giving you the time to start adjusting to a new normal and reconnecting with your kids. Divorce can be a tumultuous situation without legal support.

Q: Is Hiding Money From Your Spouse Illegal?

A: Yes, hiding money from your spouse is illegal in Missouri. You do not want to be considered dishonest in divorce court. If you are caught hiding assets from your spouse or from the court, you could face serious legal consequences, and the court will perceive you as the villain of the story from then on. The court expects both parties to be upfront and honest about their finances.

Reach Out to a Lawyer Today

There are many different things you can do to protect your finances in a divorce. It’s important that you do what you can to make sure you don’t end up destitute after your divorce. A good lawyer can help you prevent that from happening.

At Stange Law Firm, we can help you work through your divorce and come out on top. Contact us to speak to a team member today.