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Protecting Your Assets in Divorce: Learning from Kim Kardashian

The Kardashian family over the past few years has been on our news feeds online and with celebrity gossip; we all know Kim filed for a divorce just 72 days after saying her vows, and we all have heard about the huge financial battle which was taking place between her and Kris Humphries, as he tried to seek control over part of her bank account. What many people didn't expect is that there is a lot to learn from this situation, because after a lot of work, she was able to reach a settlement with her ex and is likely protected from him taking even one more penny. Kim claims they married and not long after, she needed to get out; while the divorce said "irreconcilable differences," there is little else described of what led to their split so soon. All that to say; this man tried to fight for her money, and she was able to protect it.

While most of us don't have that kind of money, we do still have funds and assets that we want protected, and for some people, this is the reason they hesitate with marriage in the first place. As finances are the leading struggle couples have which lead to divorce, it is also a common reason that makes people not want to marry in the first place. One of the first crucial things to take into consideration is having knowledge of your spouse's personal finances. In an ideal world, having a thorough knowledge of your spouse's money even before you get married is best, that way there are no surprises down the road. However, studies done in 2011 by the National Foundation for Credit Counseling show there are at last 25% of spouses who keep financial secrets from their spouse after they marry. Open communication before marriage is extremely helpful so that you don't feel blindsided with money problems fueling the divorce.

Next, if you are concerned you may divorce, consider keeping your credit separate from your spouse. When you join accounts, it not only gives them access to your funds, but it also makes you responsible for their debt as well. Lastly, if you are at all concerned with your money or property, filing for a prenuptial agreement is a wise route to take. This option will allow you to list out specifically what your separate property is, and therefore it will be protected from your spouse if they decide they want to divorce you.

Contact an experienced Raleigh divorce lawyer at the Hopper, Hopper & Mulligan, PLLC today to discuss the many ways you can protect your finances in your marriage and future divorce!

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