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Protecting yourself financially during divorce

It's a slogan that has many applications: Be prepared. The sentiment echoes from the Boy Scouts to disaster relief organizations to "The Lion King" and beyond. Forbes recently urged readers who face the possibility of divorce to prepare so that they can protect their financial health.

The item that Forbes puts at the very top of their list of steps to take in preparation for divorce: "Carefully select the type of lawyer you hire."

In order to hire the family law attorney who will best suit your needs, it is wise to speak with divorce lawyers and understand their approach to law and clients. In that way, you will be able to determine if their focus fits your priorities.

Forbes urges people to take an inventory of assets and liabilities so that they know what they own. By taking inventory, you will also understand where your balance sheet stands. Remember, not only will assets be divided in divorce, but debt can be allocated as well.

Says Forbes, "If you thoroughly understand your overall financial situation, you are in a better position to negotiate a fair settlement."

Part of understanding your balance sheet is checking your credit report. Look to see if there are debts or liens you were unaware of.

Another point the magazine makes: update beneficiaries on insurance policies, retirement plans, estate planning documents, etc. This step is especially crucial for divorcing parents.

An experienced Nashville family law attorney will help you protect your family, your assets and your rights in all divorce matters.

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