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5 Tips for Protecting Your Assets and Finances During a Divorce

The pain that comes with the end of a marriage brings with it feelings of lament and regret. Unfortunately, it can also bring with it anger between the soon-to-be ex-spouses, with the assets acquired during the course of the marriage usually a prime target in any final settlement. The attorney Dallas residents and those in the Metroplex area end up choosing may end up being the difference in keeping your share of those assets.

Your lawyer should be able to provide strategies that will be able to protect your hard-earned finances. Below are five divorce financial tips that you should consider:

Go with Experience

The attorney you choose very well could be the difference between maintaining your standard of living and becoming hopelessly cash-strapped. That means your lawyer has to have a solid resume that’s not only knowledgeable regarding the financial considerations involved, but knows all the nuances of family law Dallas residents are affected by every day.

Any attorney that Dallas residents use must also be able to astutely strategize against opposing counsel. That means being able to gauge the intent of what to expect next as well as what constitutes a fair and reasonable offer. In addition, that attorney needs to help.

Work with a Financial Planner

While legal issues are the expertise that attorneys bring to the table, they shouldn’t be considered financial experts. That’s why seeking out a planner in this area is also recommended since that individual can address important facets like taxes and how future credit concerns may be affected in any settlement.

Have Access to Important Paperwork

In the midst of many contentious divorces, one side will seek to shield what were mutual assets in an effort to enhance their financial situation when the final settlement is worked out. That’s why it’s important to have access to any financial statements, property agreements or other items that could be the difference between success and failure in the courtroom. While no one likes paperwork, divorce financial tips like this one can be the difference between maintaining a standard of living and becoming cash-strapped in the future.

Obtain a QDRO

The presence of pensions and retirement accounts are meant for financial considerations down the road, yet divorce brings them to the forefront when the final disposition of finances takes place.

Having a Qualified Domestic Relations Order (QDRO) in place will allow for an equitable split of such funds, without having to deal with tax ramifications and other fees. Since such documents can be notoriously detailed, this requires having a qualified person to understand all important aspects.

Make Sure to Protect the Children

The presence of children in a divorce can turn a marriage dissolution into an emotional powderkeg. Someone with experience in family law Dallas residents trust to handle the job will be equipped to make sure that your children are adequately protected through support payments that will continue to pay for important parts of their life. These can include educational costs and medical expenses that can be neglected during the firestorm of divorce proceedings.

The Right Choice

Burns & Iwuji Law can offer further divorce financial tips when you’re seeking a lawyer to handle your case. One of our specialties is family law Dallas residents need, which includes divorce, child support and adoption services. So make sure that you choose the attorney that Dallas residents have come to value, it’s Burns & Iwuji. Contact us today to set up a consultation.