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How to protect your assets as a successful woman during your divorce

On Behalf of | Oct 18, 2016 | Divorce

Facing a divorce can be a tremendously stressful time in your life. Dreams you had about your future and the future of your family may be fading. At the same time, this may be the best choice for you. Going your separate ways may give both of you a chance at the happiness you deserve.

It won’t be easy. Getting to your new future may involve overcoming some legal challenges. If you’re a woman who out-earns or has more wealth than your partner, it’s important that you protect that which is rightfully yours.

In Massachusetts, courts generally look for a fair and equal distribution of marital assets. Figuring out which of your assets are not marital property usually involves the help of an experienced divorce lawyer.

Hiding assets

It’s human nature to want to protect what is rightfully yours. People sometimes weigh the pros and cons of squirreling away money without their spouse knowing about it. However, at some point you will need to sign an affidavit verifying that you told the truth about all of your assets. Make no mistake about it, if you don’t tell the truth there could be severe consequences during or after your divorce.

Protecting your wealth

It’s important that you, as a successful woman, don’t allow yourself to become financially vulnerable. Maintaining your own finances isn’t a knock on your husband, it’s a credit to your success and independence. To avoid losing the benefits of your hard work and financial safety net, consider doing the following:

  • Keep a joint bank account used specifically for managing marital money
  • Maintain other money in separate, solo accounts
  • Protect your credit rating
  • Do not mix inheritances or gifts with marital assets
  • Do not mix your business with marital assets
  • Title investment properties in your sole name
  • Legally safeguard your business interests by creating a trust
  • Understand your husband’s financial portfolio and income

Get a professional on your side

If you are a woman facing divorce, it is important that you have strong legal counsel to guide you through the process and help protect what is rightfully yours. Consult an experienced and successful lawyer at the Law Offices of Lisa A. Ruggieri for assistance.

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