You should take certain measures to ensure your finances are protected throughout your divorce process. Do not hesitate to reach out to our skilled divorce attorneys to discuss your options. Keep reading to learn about the specific things that you should keep in mind to ensure your finances are secure during your divorce.
How can I protect my finances during a divorce?
- Retain the services of a divorce attorney: You will need a skilled divorce attorney on your side if you are going through a divorce. With an attorney, they will have the ability to suspend any accounts at risk or free up funds for your legal and living expenses throughout the entire divorce process. A lawyer can also provide reliable legal advice that will keep your best interests in mind.
- Separate your bank accounts: Both you and your spouse would benefit from separate your bank accounts. To successfully do this, you will need to remove your money and place it into individual accounts and tell your former spouse about what you have done. This will prevent your former spouse from withdrawing all of the money in your shared account.
- Check if your former spouse requires insurance: It is important to make sure that your former spouse is insured especially if they are making alimony or child support payments. If the payer passes away, their estate will provide any funds that are owed.
- Know the amount of money you and your former spouse have: You will also want to understand how much money you have to be able to fully protect your finances. To have a better understanding of the money you have, you will need to know the balance of you and your former spouse’s 401(k), credit card bills, 529 accounts, savings plans, and more.
- Create an emergency fund: If you create an emergency fund that cannot be reached by anyone else, it can be used to support your financial health in the event that a number of your assets are within the control of your former spouse.
- Hire a forensic accountant: If you have a high net worth, it is crucial that you hire a forensic accountant who can replace your income and asset picture based on your lifestyle and investments. It is also worthwhile to look into the possibility of bringing in a forensic accountant if you have a mistrust of your partner hiding money from you. Retain the services of an experienced attorney with knowledge in assets and trusts that can support you if you think assets are offshore or in a domestic asset trust.
Contact our Firm
We understand how emotional and difficult matters of family law can be. If you need the assistance of a knowledgeable attorney to help protect your right to your family, please do not hesitate to contact our experienced firm. We are eager and dedicated to helping you through this difficult time. Our personal injury specialists at Greenberg & Walden, LLC are standing by for a free initial consultation. Call us at 201-528-6928