A divorce can be one of the most emotionally draining and financially explosive events of your life. If you don’t take the proper steps to protect yourself and your financial security, you could end up losing more in your divorce than you ever expected. You don’t get married expecting to one day end up divorced, but when it happens, you must do what you can to safeguard your finances. A Des Moines divorce lawyer can help you make a plan for your finances.

Safeguarding Your Finances Is Important

Ideally, you want your divorce to move as quickly as possible. You sign the papers, negotiate what needs to be negotiated, and say goodbye to your ex forever. However, it is rarely this simple.

Divorces are often messy, emotional, unpredictable, and full of consequences. If your divorce is contested, it may end up costing you a lot simply because your ex wants to draw things out to bleed your bank account dry. Untangling your shared lives can be a difficult process.

You may be so focused on the emotional side of your divorce that you don’t even consider the financial aspect until it’s too late to do anything about it. As you move through the process, you may start incurring court costs, legal fees, alimony payments, child support, and a loss of your assets. It builds up quickly, and soon, you may end up losing control of the entire situation. It’s important to establish financial safeguards before getting divorced, but that may not be that easy.

Being proactive in your divorce can protect you in the long run. If your divorce is uncontested, it may be much easier to work through. However, if you appear passive, your ex may try to take what belongs to you out of a sense of entitlement. You and your spouse may be able to work through everything on your own without involving lawyers or even court intervention.

Unfortunately, this avenue is not available to many people. Divorces usually come from years of resentment, which leads to a likelihood of contention.

The marriage rate in Polk County, where most of Des Moines resides, was about 5.9 per 1,000 residents as of 2023, according to Iowa’s Health and Human Services Department. The divorce rate was quite low, according to the CDC. They list the divorce rate in Iowa at 2.0 per 1,000 residents.

Dealing with a divorce can be an emotional struggle. If you are having issues coping with the suddenness of your divorce, you may want to speak with a local support group, such as Second Saturday Divorce Workshops.

How to Safeguard Your Finances

In your divorce, you can ensure you aren’t taken advantage of and that your interests are protected. This is the primary goal of a divorce lawyer. An experienced lawyer can look through your case and provide you with consistent legal help throughout the process. They can recommend additional steps you can take to protect yourself.

Here are some steps you can take for yourself that may help you protect your finances during and after your divorce:

  • One of the most effective ways to keep your money protected is by not combining your money with your spouse’s money during your marriage. Many couples opt to maintain separate bank accounts for their own reasons. It’s not always due to a lack of trust between partners. Sometimes, people want to maintain a sense of individuality and independence. If your money is already separate at the time of divorce, you may be fine.

  • Another reliable method is having your spouse sign a prenuptial agreement before you get married. A prenuptial agreement, or prenup, is a legally binding document that both partners sign before marriage. It guarantees financial protection in the event of a divorce, as well as additional protections if certain clauses are violated.

    For example, if you have an infidelity clause, your spouse may be restricted from claiming anything if they cheat on you.

FAQs

Q: What Is the Main Reason for Divorce?

A: There isn’t a single main reason for divorce in Iowa or even in the United States. Everybody seeks a divorce for their own personal reasons. Don’t let anyone try to convince you that your reasons for ending your marriage are not valid. If you feel that you have lost love or trust in your partner, that may be enough to consider ending things. A lack of commitment is generally cited as a major cause of divorce in many cases.

Q: What Guarantees I Won’t Lose Big in My Divorce?

A: Unfortunately, there are never any guarantees when it comes to financial victory in a divorce case. The more evidence you have that your spouse mishandled marital funds or engaged in violent acts against you, the easier it may be to secure a financial win for you. However, every case is different. One of the reliable ways to ensure a favorable outcome is by having a prenuptial agreement in place before the marriage.

Q: How Can a Divorce Lawyer Help?

A: A divorce lawyer can help your case in many ways. Primarily, they can provide you with peace of mind that your case is being handled with grace, dignity, and experience. Depending on how contentious your case is, it may be difficult for you to emerge from this without enduring significant hardship. Your lawyer can help reduce the amount of legal strife you have to go through.

Q: Is It Wrong to Hide Money From Your Spouse in a Divorce?

A: Yes, it is wrong to hide money from your spouse in a divorce. While it may seem enticing to try and withhold certain assets from your spouse during the divorce process, you should never go through with it. Not only will it vilify you in court, but it is also illegal. You could end up owing a hefty fine or serving some jail time for fraud. The court expects both partners to be wholly transparent and honest about their finances.

Contact Us Today

At Stange Law Firm, we can help you safeguard your finances in your divorce. Contact us to speak to someone on our team about your case.