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Some steps to take to protect finances in a high asset divorce

Marriages end for any number of reasons. Although it can feel isolating, anyone who is facing divorce should know that it is quite common across the United States. About 40 to 50 percent of all married couples will end up divorced, according to the American Psychological Association. For those in Kansas who have a high net worth, here are some strategies for financial protection amid a divorce.

The first step for an individual to take in a high-asset divorce is to take inventory of all finances. It is hard for anyone to protect assets without a clear understanding of what is owned. Also, never attempt to hide money or assets, even if the other spouse is not trustworthy. Concealing assets could lead to contentiousness and may escalate the situation. This often equates to a lengthy and expensive divorce process.

It is also recommended to close all joint bank and financial accounts, if permissible, or take steps to limit withdrawals those signed by both parties. Having money in a joint account means that the other spouse could suddenly withdraw all of it. Also, this is a good time to examine and update beneficiaries on financial accounts and life insurance policies. This will operate to ensure that the assets or benefits do not go to the ex-spouse upon death.

The dissolution of a high-asset marriage is usually very emotional and tensions may run high. This is when a legal representative can be very beneficial. Any Kansas resident who is facing a divorce could benefit by contacting a lawyer experienced in family law. A seasoned attorney can provide guidance and help with freeing up funds for living expenses or freezing any accounts that may be at risk.

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