While there are many steps involved in the divorce process, one of them involves the protection of your finances. Continue reading on to learn more about how you can protect your finances during this time, and do not hesitate to reach out to our firm today. Our dedicated divorce attorneys are prepared to fight for you and your future.
How can I protect my finances during a divorce?
- Hire a divorce attorney: It is important to have an experienced divorce attorney at your side during the divorce process to ensure that they can suspend any accounts at risk or free up funds for your legal and living expenses. Furthermore, a divorce lawyer can give you the legal advice that can keep you and your future interests a priority.
- Hire a forensic accountant: It is also strongly recommended that you retain the services of a forensic accountant if you have a high net worth. A forensic accountant can restore your income and asset picture based on your lifestyle and investments. You may also want to consider the possibility of bringing in a forensic accountant if you have suspicions that your partner is hiding money from you. A skilled attorney that has background knowledge in assets and trusts can help you if you think assets are offshore or in a domestic asset trust.
- Separate your bank accounts: During your divorce process, you and your spouse will need to separate bank accounts. In order to achieve this, you will need to withdraw your money into an individual account and notify your former spouse about what you have done. This will provide you with security knowing that your former spouse cannot abruptly withdraw all of the money in your shared account.
- Know the amount of money you and your former spouse have: To fully protect your finances, you will need to have full knowledge of the money in your account. To have a full understanding of the money you have, it is important 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: With an emergency fund that cannot be reached by anyone else, it can be utilized to support your financial well-being in the event that a number of your assets are within the control of your former spouse.
- Check if your former spouse requires insurance: You will need to make sure that your former spouse is insured if they are making alimony or child support payments. If the payer passes away, their estate will accommodate any funds that are owed.
Contact our experienced Red Bank firm
Our firm proudly represents clients in New Jersey who are faced with matters of family law, criminal defense, business law, real estate law, or estate planning. If you require strong and dedicated representation for any of your legal matters, please do not hesitate to contact The Law Offices of George J. Mardinly to schedule a consultation.