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Preparing to divorce a financially powerful spouse

News of Rupert Murdoch's divorce from his wife, Wendi made national headlines due to the speculation about how much money would potentially be split. The couple will reportedly leave their divorce to their attorneys, and the process will ostensibly be amicable.

While this is an extraordinary example of a divorce involving a financially powerful spouse, many high asset divorces in Ohio can be contentious. In these situations, there may be a sense of intimidation that prevents a party from exercising their legal rights. Nevertheless, a spouse should not be afraid, and preparation is the key. 

This post will provide some helpful tips.

Have your own warchest - The term "warchest" is commonly associated with political campaigns (where the candidate with the most money wins). High asset divorces are no different. With that said, it is important to have your own money to litigate the issues if necessary.

Make your own copies - It is also important to have your own set of financial records, even if you believe that the split will be amicable. Having your records reviewed by an attorney (even before discovery) will help you uncover any discrepancies that may suggest your spouse is hiding money or assets.

Pay attention to joint accounts - This especially applies to joint credit cards. It is not unheard of for a vindictive spouse to run up charges to a card you may commonly use simply to prevent you from making basic purchases.

Get your case filed - Once a divorce petition is filed, an automatic stay is imposed that prevents spouses from dissipating funds, letting insurance policies lapse or barring spouses from joint bank accounts. 

 

Source: USA Today.com, Divorcing a bully while protecting your finances, June 23, 2013

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