Retaliation by Liquidation
All too often in marriages, one spouse is almost solely responsible for all the fixed income, equity investments and checking accounts. What often happens in a divorce, especially the highly-contested, bitter ones, is that this “family comptroller” can go on a financial revenge mission. He or she retaliates. He or she liquidates. Money in all those accounts can simply start to “vanish.” What’s worse, if this person is the one seeking the divorce, the liquidation process can start long before the actual filing.
Get a plan together and get with an attorney if you are ready or suspect your spouse is ready to file for divorce.
Of course, there are things that can be done once a divorce is filed. Courts can attempt to prevent, and in some cases completely prohibit this liquidation from happening. Dallas and most surrounding cases have in place what is known as a “standing order.” When a divorce is filed, this order prohibits the spouse from liquidating assets. The standing order still allows for necessary, reasonable living expenses, including your attorney fees.
Get a plan together and get with an attorney if you are ready or suspect your spouse is ready to file for divorce. You need to find out the risks and discuss with your attorney the likelihood of “retaliation by liquidation” in your case.