Divorce is the one human tragedy that reduces everything to cash.” Wedding vows affirms that marriage is eternal. But in this real world 50 percent of marriages go through divorces. If marriages bring in wealth, divorce can turn into killer of it especially when you have a huge fortune to boast about. If marriage costs you a bomb then divorce will cost you a bazooka. Sharing is caring but here sharing is splitting of assets, your home, bank balances and even child support etc. Here are few of the ways that Divorce rips your fortune off if you are not aware of its financial consequences.
Hold Back Your Assets Assets cannot be held back unless the couple has signed some pre-nuptial clauses that can hold their assets separately. If only one spouse is the share holder corporate assets can be held separate from divorce proceedings. But the contributions by non-shareholder spouse can make him/her eligible for compensation. Inheritance can also hold a separate place if the money is not used for family purpose. Intertwining money with family finances will only make the situation tangly. Legacy established by a spouse is among the few assets that can be separated in the case of the divorce. That is depending on if the inheritance money was used for the family or not. If you receive an inheritance, better go for a separate investment or savings account.
Seek a Lawyer and get Advice Getting the right lawyer is half like winning half the battle. Your lawyer's advice can turn out to be the key step on how to proceed with your divorce case according to the law of your province. The information through your lawyer can help you decide the next planned move during the most crucial phase. Rather than taking chances better look up to what experience speaks.
Negotiation Instead of Court Case When it comes to divorce, most of the men feel that winning in court is how a divorce case can be won. But unfortunately, 90 percent men come across the fact it is nowhere near to that. Its better if you discuss the advantages and disadvantages of going through negotiation instead of court cases separately with your respective spouses. It will not only rip you off your money but will cause extra damage to your emotional personalities. The costs can take up a dramatic shape, as negotiation will cost you nothing but your lawyers fee but a court case can be cost you 10 times more of it.
Before you utter "I Do!" -do sign up a pre-nuptial agreement. Though it's late for such an advice, but it's always better to be prepared for the next. It's always advisable to go for a pre-nuptial agreement, if one partner has more assets than the other before getting married. So even if the harmony of marriage comes to an end, it will not affect your bank balance. Divorce is eventually a wealth killer as it will rob off half of your wealth, ruining your secure retirement.
So, the story comes with a simple moral: Carefully marry by signing a pre-nuptial agreement if your spouse is richer than you
Cheers , AG