Avoid expenditures during a high asset divorce

Transitioning from married to single is a complex process, one that involves a significant investment of time, effort and money. That said, it is important for Florida spouses to avoid excessive spending in the months leading up to a high asset divorce. It is not uncommon for one spouse to claim that the other has acted to intentionally deplete marital assets, which is an issue that the courts take very seriously.

One of the biggest red flags for family court judges are loans made to friends and family. These loans can easily be portrayed as little more than efforts to divert assets away from the marriage. Proving that the loan was both offered and accepted in good faith can be an uphill battle.

In many cases, expenditures will be necessary in order to set up separate households. Spouses can err on the side of caution by drawing up a pre-divorce budget that outlays the expenses that both parties agree are necessary. That can help reduce the chance that one side will claim that the other acted to deplete marital wealth.

It is also important to pay close attention to the actions of one spouse during a high asset divorce. For Florida spouses who suspect that their partner may have taken steps to shield assets from the divorce process, it is important to discuss the matter with a family law attorney. A forensic accountant can review the family’s financial documents and get to the bottom of any missing or unaccounted for funds.

Source: U.S. News & World Report, “10 Ways to Prevent a Divorce From Ruining Your Finances“, Maryalene LaPonsie, Sept. 29, 2016

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