Realizing your marriage has reached its end can be devastating, but unless you take certain precautions to protect yourself, you could end up losing far more than you anticipated. You will almost always face an emotional toll during a divorce and possibly long after it, but the financial impact may immediately be felt if you are not careful. Things can get complex once the papers are served. An Indianapolis divorce lawyer can help you make a plan.

The legal team at Stange Law Firm can help you put together a plan to protect your finances and ensure that nobody takes advantage of you in your divorce, particularly your former spouse. The last thing you want is to end up in a drawn-out legal battle that results in the loss of a significant chunk of your assets. Regardless of whether your divorce is contested or uncontested, the whole process is likely to cost you a lot of money and personal effort. A lawyer can help you.

How Important Is Protecting Your Finances?

When you go through a divorce, safeguarding your financial security may not be your immediate priority, and that’s understandable. You may be more interested in making a clean break from your spouse or ensuring your kids are protected from the harsh truths. Still, you should take steps to ensure that your financial security is protected from falling apart. Divorce is considerably more than signing a piece of paper and instantly moving on. It’s an ongoing process.

In a divorce, you must deliberately and systematically separate your entire life from your spouse’s. This includes disentangling your finances, which may have been jointly connected for quite some time. It can be difficult to separate decades’ worth of marital connection, especially financially. Additionally, you will need to figure out asset division, child custody arrangements, and potential spousal support. Divorces are more about financial separation than you may think.

According to data gathered by the U.S. Census Bureau, Indiana has had one of the highest divorce rates in the country. The divorce rate in Indiana was around 8.4 per 1,000 people in 2021. Dealing with a divorce can be emotionally and mentally draining. It’s a big life decision that will affect many different parts of your life. You may want to reach out to a local support group, such as DivorceCare. Having someone to talk to about your divorce can be beneficial.

How to Protect Your Finances in a Divorce

There are many different ways you can try to keep your finances protected during your divorce, and many of them involve some degree of foresight. Nobody gets married expecting one day to get divorced, so it’s understandable that you may not have prepared yourself for such an outcome. Still, if you established any legal protections prior to marriage, they will be a significant help for you now. Here are some ways you can protect your financial security:

  • Prenuptial Agreements: One of the most effective ways you can safeguard your financial security during your marriage is by getting a prenuptial agreement, or prenup. By having a prenup in place, you can guarantee yourself protection if certain things were to hurt the marriage and lead to a divorce, such as infidelity. You can establish an infidelity clause to prevent your spouse from getting any of your money if they cheat on you.

    However, prenups can be tough to obtain. The biggest issue with a prenup is that you need your partner to sign it willingly, and that can be difficult. Many people may view the suggestion of a prenup as an insult or a sign that you don’t trust them. You may want to use the prenup as a way to test your partner. If they refuse to sign, they may see you as a crutch for financial support and not for love.

  • Keep Separate Accounts: One sure way to prevent financial entanglement is to maintain separate bank accounts from the start. If you never join your finances, you don’t have to disentangle them in your divorce. Many couples choose to keep their finances separate out of mutual respect, but it may not be for everyone.

FAQs

Q: Is It a Crime to Hide Money in a Divorce?

A: Yes, it is a crime to hide money in a divorce in Indiana. If you are caught withholding money and/or assets from the court in your divorce, you can be held in contempt of the court and even face legal penalties like jail time. More so, the court will now see you as the bad guy, making it difficult to regain sympathy from the judge. Be transparent and honest about your finances.

Q: How Can a Divorce Lawyer Help My Situation?

A: There are many different ways a divorce lawyer can help your situation. Depending on whether your divorce is contested or uncontested, you may need a lawyer’s help to ensure you don’t lose significant assets. The right lawyer can make all the difference as you navigate your divorce. One of the most important ways your lawyer can help is by taking control of your case and letting you adjust to your new normal, especially if you have children.

Q: How Much Will I Lose in My Divorce?

A: There is no telling how much you could lose in your divorce before proceedings begin. There is a chance you could end up losing a lot, depending on whether you already have any protections in place. Your lawyer can help you put together a plan that reflects your options. You don’t want to end up being taken advantage of by your spouse’s legal team. If you were unable to set up defenses before the marriage, your options may be few.

Q: What Is the Primary Cause of Divorce in the Country?

A: People get divorced for many different reasons. The reasons individual couples get divorced are entirely their own and unique every time. One of the leading causes of divorce in the United States remains a lack of commitment. If only one partner is truly committed to fixing the marriage, it’s not going to work out. A lack of commitment can take the form of abuse, infidelity, financial misconduct, and more. Everyone’s journey is different.

Contact Us Today

At Stange Law Firm, we can help you protect your finances. Contact us to speak to a member of our team about how we can help. Depending on where you are located in Indiana, your divorce may be dealt with and finalized in a circuit court or a superior court.