In some ways, it seems easier to file for divorce if you don’t have a lot of assets. Couples in Florida might avoid filing for divorce because they don’t want to deal with the financial hassle. Dividing up your assets can be stressful, but you’ll likely both be happier and healthier in the long run. Here’s some advice on protecting your investments during a divorce.
How can you protect your investments during the divorce?
Before you officially file for divorce, you might want to change the beneficiaries on your investment accounts. If your former spouse is still listed as your beneficiary, they may be entitled to part of your assets. Additionally, they might receive these investments if you die without remarrying.
You should also consider potential tax penalties during a high-asset divorce. While you might want to sell off your investments and be done with it, you may have to deal with tax penalties if you sell securities or sell off your investment early. Additionally, you might have to deal with fees if you try to make an early withdrawal from your retirement fund.
In the end, speaking with your attorney or financial expert might be the best option. A financial expert could help you figure out how to protect your investments and decide whether to sell or keep your investments. Additionally, a financial expert could help you navigate tricky issues like liquidating your retirement funds.
How might an attorney help you protect your investments?
An attorney may also offer additional legal advice during your divorce. They might help you divide up your retirement fund with your spouse or choose a beneficiary for your investment accounts. Additionally, they may help you protect your assets and negotiate with your former spouse so that you don’t have to sacrifice your investments.