Divorce is often a complicated matter that can take months or more than a year to complete, especially if the marriage in question involves significant assets. In cases where a couple must take significant time to work out the details of the divorce, it can prove difficult to work out finances in the meantime to make sure that both parties remain afloat and do not suffer unnecessarily or accrue unacceptable debt.
There are a number of options for couples who do not fully know how to address their finances during a divorce. For most couples, it is useful to sit down with an experienced legal professional and discuss their individual financial concerns and identify options. While it is possible to have a court assign financial responsibilities to one or both spouses, it is usually wise to avoid this measure, if possible.
If a couple can arrive at mutual agreement, or if the assets within the marriage are so significant that it is necessary to place some legal constraints around how and when some or all of these assets get used, a court can assign financial responsibility in an official capacity. In many instances, this operates much like alimony, where one primary earner spouse provides for the financial needs of the other while the divorce proceeds.
If you have concerns about your finances during your divorce, do not wait to protect yourself. An experienced attorney can guide you through your financial needs and options, creating a personalized strategy to keep your priorities protected and your rights secure.
Source: FindLaw, “3 Practical Legal Tips for High Asset Divorce,” accessed Feb. 02, 2018