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Taking the right steps protects you during a divorce

No one wants to be involved in a divorce that could threaten their financial well-being, but it does happen. If you're caught up in a high-asset divorce, the best thing you can do for yourself is make sure you're as protected as possible.

The first thing anyone facing a divorce should do is seek out help from an attorney. An attorney will know many factors that could influence your divorce and be able to help guide you through the process. Even if your spouse is in control of everything, you attorney will likely be paid for through community assets or marital property, so there's no reason not to hire one.

Another tip is to keep this divorce as private as possible. People who earn large amounts often don't want that information leaking out to the public. That means that the higher earner has a reason to negotiate and settle outside court, which is to your advantage if you're the lesser-earning spouse. If you go to trial, your divorce will be exposed, so keep that in mind.

Finally, it's very helpful if you and your spouse can agree to negotiate. While you're able to take your case to court, it's going to cost less and take less time if you can negotiate with one another. To do this, do your best to get access to all your financial documents, so you have a list of your assets to negotiate on.

Our site has more on high-asset divorces and how you can approach them to protect yourself and your financial security in the future.

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