No one goes into a marriage expecting it to end in divorce. However, marriages do end for a myriad of reasons. If you are an investor who is facing a divorce in Arizona, you should educate yourself on your options for protecting your investments from your soon-to-be-ex.
If you are getting a divorce, you probably don’t want the beneficiary on your investment accounts to be your former spouse. Even in the most amicable of divorces, many people aren’t interested in ensuring the financial prosperity of the individuals to whom they used to be married. Before you begin the divorce process, consider updating the beneficiaries on all your investment accounts.
Access all investment accounts
Even if you are the investor, your spouse might have handled all the account information for you. If that’s the case, you need to gain access to all your accounts as quickly as possible. This will allow you to provide your divorce lawyer with updated account information, including how much money is in each account.
Try to create a preemptive plan
Not all divorces are nasty, which means you may be able to have a rational conversation with your spouse about dividing existing accounts. Even if you are the investor, most states are going to give your ex at least a portion of the money that you have earned. If you can reach an agreement before your divorce goes to litigation, you may be able to keep more of your money.
Perhaps the most important step you can take is finding the right attorney to represent you during your divorce. Not only can a lawyer ensure that an angry ex isn’t raiding your accounts, but he or she can also help you negotiate with your former partner’s attorney to reach a deal that works for you.