Barry J. Waldman Family Law Blog on Lawyers.com

How Do I Protect My Wealth in a Divorce?

Thursday, October 29, 2009 by Barry J. Waldman

When you are divorcing, you already have a ton of issues on your mind. Your relationship is falling apart or has fallen apart, and you don’t have the ability or inclination to fix it—you already are dealing with a stressful situation.

What about the future? If you have dedicated time and energy to developing your career or your net worth, you are probably concerned that your Fredericksburg separation agreement is going to wipe out all of your hard earned wealth and achievements.

The idea of giving away your real estate and other property might make you depressed or angry. The thought of making regular cash payments of spousal support/alimony or child support might make you feel betrayed by your family or the judicial system. You also may be nervous about how you’re going to cover the lifestyle to which you’ve become accustomed when that lifestyle is split between two homes.

Protecting your wealth in a contested divorce in Fredericksburg has now become an important part of ending your marriage. Working with an attorney who is experienced with high net-worth family law clients is going to be a major factor in the success of your efforts. You have considerations that families with fewer assets may not need to consider:

Business ownership
Business succession plans
Traditional retirement accounts and Roth IRAs
Employer-sponsored 401Ks
Pension funds
Other employee benefits plans
Insurance policies
Trusts and trust instruments
Estate planning for your children
Real estate holdings
Prenuptial or premarital agreements

When your business life changes, you make sure you take the appropriate steps to protect your position. Now that you are divorcing, you need to apply the same perspective that made you successful in the business world—there’s no need to get ugly, but you may need to get tough.

Article By divorce law firm in Fredericksburg:

Waldman & Associates, PLLC
150 Olde Greenwich Drive,Suite 102
Fredericksburg VA 22408
Phone: 540-891-1414

Posted at 12:25 PM

Topic: Family Law