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Some divorcing couples experience few obstacles, challenges, and contention and end up completing the process relatively quick. Others struggle tremendously with concerns over how their business, children, or marital estate will be divided. They endure heated arguments, asset hiding, or a depreciation of their marital assets. In these situations, and others like them, slow and steady may be the optimal pace. Learn more about divorce planning, including what it is and what you can expect from the process.

What is Divorce Planning?

Divorce planning is all about hoping for the best but planning for the worst. It helps you prepare to make difficult decisions using logic instead of emotion. You consider the challenges that you might face, and you take steps to mitigate against them before they occur. More importantly, you feel more confident as you move through the divorce process.

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For most couples, divorce does not end upon decree. Instead, there are little details that must be sorted out, issues that must be resolved. Unfortunately, some couples fail to handle these matters and then place themselves at risk for long-term financial consequences. The following information can help you avoid making the same mistake after your divorce.

Dividing Property and Assets After Divorce

Now that you and your spouse know what goes to whom, it is time to start dividing up the assets. To do this, you may need to obtain a certified copy of the divorce decree from the court. Also, as you work through the various assets, pay close attention to details. As an example, rules from one type of retirement account to another can vary. Failure to follow the properly execute the split of a pension plan could end up costing you more than you had planned.

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While nearly every divorce is painful and difficult, it is those with a high net worth that tend to be the most contentious. Sadly, it is often the lower-earning or non-earning spouse who is at a severe disadvantage during the case. What is worse, many do not realize that the asset hiding and deception that sometimes occurs often takes place long before the divorce starts. Learn more about protecting your finances in a high net worth divorce with help from the following information.

Asset Hiding Often Starts During the Marriage

Non-earning and low-earning spouses are often kept in the dark when it comes to their marital finances. Sometimes it is because the disadvantaged spouse was not concerned about their finances or divorce. In other instances, the lack of knowledge is intentional; their spouses may have been hiding money for years - perhaps since the start of the marriage.

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Divorce is a highly complex legal process with numerous financial pitfalls. Some are minor in nature and may cost you little. Others could potentially lead to a significant depletion of your financial resources. Thankfully, there are ways you can mitigate the risks. The following information covers some of the most common financial mistakes made during divorce, and provides some tips on how you can potentially avoid them.

Failing Get All Financial Documents in Print

In today's day and age, most people use online banking, digital debt statements, and email notifications for important accounts. In fact, society has become so reliant on their digital access that few consider they might lose it while going through divorce. Unfortunately, this can and does happen far more frequently than most realize. Your spouse might change the password to your bank account, or they might lock you out of the family computer. So whatever you do, never rely on just digital copies of financial documents. Print them out instead.

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Divorce can be an expensive undertaking for anyone, but entrepreneurs and business owners are at an especially high risk for financial complications. Thankfully, divorce planning can (and often does) help mitigate this risk. Learn more about how you can effectively prepare for your divorce, and why an experienced divorce lawyer is critical in this process.

The Sooner the Better

Perhaps the most critical thing to know about preparing for divorce is that sooner is almost always better. Time is literally everything. You will need to track your finances, living expenses, and determine the overall value of your assets so you can plan appropriately for your potentially scaled-down lifestyle. The extra time also gives you and your attorney a bit longer to work on developing a strategy. That might mean waiting until the "right" time to file or knowing which assets you should keep and which ones you should sell.

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