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How can you prevent your spouse from wasting marital assets?

On Behalf of | Jun 19, 2023 | Family Law

Divorce or separation can bring about concerns regarding the management of marital assets. For instance, if both spouses still have access to marital funds in the lead-up to and during the divorce, it can create a risk of wastage or misappropriation.

When this happens, one spouse will end up with less than they deserve when the divorce is settled. Therefore, safeguarding your financial interests before and during your divorce is essential to ensure you receive your fair share of marital assets. Below are some helpful tips that may assist you.

Monitor your finances

Keep a close eye on your finances by regularly reviewing bank statements, credit card bills, tax returns and other financial documents for unusual transactions. Look out for significant withdrawals, transfers to unfamiliar accounts or extravagant purchases. If you suspect foul play, make copies of relevant documents and store them securely. 

Additionally, consider hiring a forensic accountant who can investigate and trace the flow of funds, uncover hidden assets and provide expert testimony in court to support your claim. These measures can help protect your financial interests during the divorce process.

Maintain transparency and credibility

Do not hide money or assets from your spouse, as this can damage your credibility with the judge and potentially have adverse consequences. Be honest about your spending and avoid any unnecessary or frivolous purchases during this sensitive time.

Time is of the essence when your future financial security is on the line. Therefore, act swiftly and seek timely guidance if you notice a red flag regarding your marital assets. The sooner you do so, the better your chances of resolving the situation effectively. Proper guidance can help you understand your rights, explore viable legal options and make informed decisions.