Glossary

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Protection of assets during divorce: Some divorcing spouses are tempted to hide assets during a divorce. This is a dangerous strategy, however, because if you’re found to be lying about assets in your divorce, you can be punished by the court, your divorce can be invalidated, and the court has the power to award your assets to the other spouse. A better asset protection strategy is to consult with a Certified Divorce Financial Planner or accountant to go over your short and long term goals, and to help you make sure that your divorce negotiations and settlement will help your long term financial planning, and not ruin it. Mediation is also an asset protection strategy, because it’s about 75% less expensive than a litigated divorce. Sometimes protecting your assets includes not spending them on lawyers and court proceedings.