Toronto Family Law Financial Litigation Lawyer Minimizing The Financial Impact of a Family Dispute
Disputes involving family members and money matters are always troublesome and can be very emotionally charged. Whether you are fighting over marital assets division in a divorce or cannot agree on how an inheritance should be split up, it is easy for tempers to run high and huge financial losses to happen as a result. If you are going through a situation like that, working with a family law litigation lawyer that focuses on protecting your financial health might make the difference in your case.
What Are Some Common Reasons for a Family to Have a Financial Dispute?
The most common cause for family conflicts over money is a divorce or separation, with fights over inherited assets coming in a close second place. In both situations, many pieces of the puzzle need to be put together to resolve the conflict.
Let’s take a high-net-worth divorce as an example. When one spouse earns significantly more than the other, the financial liability in case of a divorce is very high, and working with a family law lawyer that focuses on the financial aspects of a litigation process can be a deciding factor for your financial integrity. Other issues that may arise amidst these types of disputes are arguments over spousal support, child support, and the valuation of businesses and other assets. In some cases, a spouse may be hiding assets or engaging in marital fraud. A skilled financial litigation lawyer will be better equipped to help you navigate through these issues and reach a fair outcome.
What Are Some Things I Should Know to Protect My Finances During a Divorce?
If you are concerned about protecting your finances during a divorce, there are a few important steps you can take. First, it would be helpful to know exactly how much money you and your soon-to-be-ex have together, including savings accounts, 401(k)s, investment accounts, and debts. Do not hide any assets as that may backfire later on, and if you believe your partner is hiding assets, you may want to hire a forensic accountant.
You will also want to have separate bank accounts, and update any estate documents and life insurance policies by removing your spouse as a beneficiary. If your divorce involves a high number of assets and significant net-worth of one or both spouses, hiring a family law lawyer that focuses on the financial aspects of a divorce may be fundamental to minimize any negative effects on your finances.
What Can I Do to Protect My Business While I Go Through a Divorce?
Many people worry about what may happen to their business if they end up having to get a divorce. The first recommended step to protect your business is to ask a lawyer to draft a prenup agreement before you get married. Unfortunately, many couples choose not to do that. If you don’t have a prenup, you may want to be careful to keep your family’s finances separate from your business and keep accurate records.
Next, you will want to get a professional to carry out a proper assessment of your business to obtain the fair value of your business. A precise valuation is key to protecting your interests when it comes to determining child and/or spousal support. At Financial Litigation, our firm relies on a team of experts such as forensic accountants to assist you and counsel you on how to best protect your business and preserve your legacy.
How Else Can a Family Law Financial Litigation Lawyer Help Me?
At Financial Litigation, we provide a wide range of services to clients who need family law legal advice. Our main focus is to preserve your financial health and, when possible, help you avoid future problems. From pre-nuptial agreements to child support, marital fraud, and family law matters for business owners, we strive to resolve legal issues quickly and as efficiently as possible. If you are worried about your finances in the face of a potential family law issue, reach out to our Toronto office at 416-769-4107 to see how we can help.