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Protecting your assets during a divorce, part 2

Last week we spoke about a few things that should be taken under consideration when planning for your financial future during and following a divorce. We understand that things can get tricky during such trying times, and that the "fog of war" element of overwhelming emotions and decisions that need to be made could cloud your better judgment.

There are a couple of issues that should always be taken into consideration while going through one's property division and assets during a divorce. It is important to keep track of the costs associated with a divorce. This could include not only legal fees, but attorney fees and adviser fees.

Looking at your long term future, it could also be financially beneficial to consider your earnings versus your spouse's earnings when considering retirement and Social Security benefits. You may be entitled to higher returns if your spouse earned more than you and you qualify. You need to be over 62 years of age, you need to have been married for 10 years or longer, you need to be currently single, and you need to make certain that your earnings do not entitle you to a higher benefit. If you qualify under all these conditions, you may be entitled to a share of your spouse's Social Security earnings, even if your spouse has remarried.

As we stress each week, going through these complicated divorce procedures can seem complicated and overwhelming. Venturing through these dark waters alone could leave you at a significant disadvantage in the courts. It might be in your best interests to reach out to a law firm familiar with divorce and property division to make certain that you are making sound decisions to maximize the chance of obtaining a favorable outcome.

Source: Fidelity.com, "Protect your financial future after a divorce," accessed on July 25, 2017

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