Did you know that the divorce rate in the US was 2.3 persons per 1,000 people in 2023? That means that roughly 39% of marriages in the US end in divorce.
It is a difficult and emotional process for all parties involved, especially when it comes to dividing assets. This is where a matrimonial attorney plays a crucial role in protecting your financial future.
In this article, we will discuss the importance of a matrimonial attorney in safeguarding your assets during a divorce. Keep reading to learn more!
Identifying All Assets
The first step in protecting your assets during a divorce is to identify all your assets. This includes both marital and non-marital assets.
Marital assets are those acquired during the marriage. Non-marital assets are those acquired before or after the marriage.
It is important to disclose all your assets to your attorney. This is even if you think they may not be considered marital assets. Your attorney will be able to determine the best course of action for protecting them.
Additionally, your attorney can help you navigate any hidden assets that your spouse may be trying to conceal. They have the experience and knowledge to uncover any financial discrepancies. This is to ensure that all assets are accounted for.
Evaluating the Value of Assets
Determining the value of assets is crucial in dividing them during a divorce. A matrimonial attorney can help you accurately evaluate the worth of your assets.
They have the expertise to account for all factors that may affect the value. This includes the future potential earnings or tax implications.
This is important when it comes to high-value assets. This can include businesses, stocks, or real estate properties. Your attorney can assist in getting a fair and equitable division of these complex assets.
Protecting Assets from Being Dissipated
One of the biggest concerns during a divorce is one spouse dissipating or hiding assets. This can include transferring funds to a hidden account and selling property at a lower value. This can also include increasing expenses to decrease the value of assets.
A matrimonial attorney can help prevent this by obtaining temporary court orders. This will prohibit any changes to assets until the divorce is finalized.
They can also work towards getting a forensic accountant involved. This will help track any hidden funds or assets that may have been dissipated.
Negotiating and Drafting a Settlement Agreement
During a divorce, both parties must come to a settlement agreement on the division of assets. An attorney can be instrumental in negotiating a fair and favorable agreement for their client.
They take into consideration the client’s needs and wishes, as well as any legal factors that may affect the settlement. This includes state laws and previous case precedents.
Once a settlement agreement is reached, an attorney will draft the necessary legal documents to ensure it is legally binding. This is important to avoid any future disputes or changes to the agreement.
Court Representation
If you cannot reach a settlement, a matrimonial attorney will represent you in court. They have experience in presenting evidence and arguing on behalf of their client.
They will use their knowledge of family law and marital property protection strategies to fight for your best interests. This includes advocating for the fair division of assets and safeguarding your financial future.
They can also handle any legal proceedings related to the division of assets, such as property transfers and account closures. This takes the burden off of you during a difficult and emotional time.
Ensuring Compliance with Court Orders
A matrimonial attorney ensures that all parties involved in a divorce adhere to court orders. They monitor the execution of the agreement and take legal action in case of any violations.
Moreover, if you need to make changes to the agreement in the future, your attorney can assist in modifying it through the court. This provides a legal avenue for resolving any issues that may arise after the divorce is finalized.
Managing Child and Spousal Support
These attorneys are also crucial in determining and negotiating child and spousal support payments. They comprehend the intricacies of such arrangements. They strive to secure a fair deal that considers the financial security in divorce for both parties.
Additionally, if there are any changes in income or financial situations, an attorney can assist in modifying the support agreements to reflect these changes. This avoids any unnecessary disputes and ensures fair support for all parties involved.
Providing Legal Advice and Emotional Support
Amid a divorce, your attorney not only provides legal services but also serves as a source of emotional support. They help you understand the legal intricacies and manage your expectations.
They will also guide you to make informed decisions. This can alleviate stress and provide much-needed peace.
They can also refer you to other professionals, such as therapists or financial advisors. This is to further support you during this difficult time.
Facilitating Mediation and Alternate Dispute Resolution
In some cases, mediation or alternate dispute resolution may be a more beneficial option for both parties. Your attorney can assist in facilitating these processes and ensure that your rights are protected throughout.
They will provide guidance and expertise during negotiations. They can also help you reach a fair and amicable agreement with your spouse. This can also help reduce the time and cost involved in a divorce.
Safeguarding Rights During Parental Custody Battles
If children are involved, a matrimonial attorney’s role extends to safeguarding your rights during parental custody battles. They present compelling cases, ensuring that the child’s best interest is considered along with parental rights.
They also work towards reaching a fair and satisfactory custody arrangement that is in the child’s best interest. This can be important when it comes to protecting assets. This includes family home or savings for the child’s education.
Embracing the Importance of a Matrimonial Attorney
A divorce can have significant financial implications, which is why having a skilled matrimonial attorney by your side is crucial. They provide expert guidance and support in safeguarding your assets during a divorce.
With their help, you can navigate divorce with confidence and secure your financial future. So if you’re going through a divorce, don’t hesitate to seek the assistance of a knowledgeable attorney. They will provide the necessary expertise to ensure a fair and equitable settlement.
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