One of the most important things you can do during the divorce process is protect your finances. Continue reading to learn about how you can best do this and reach out to our experienced New Jersey divorce attorneys to obtain reliable legal representation.
How can I protect my finances during a divorce?
- Retain the services of a divorce attorney: With a skilled attorney, they will have the capacity 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 sound legal advice that will always keep your best interests in mind.
- Separate your bank accounts: You and your spouse should immediately create separate bank accounts. To do this, you will need to remove your money and place it into an individual account and notify your spouse about what you did. By doing this, your former spouse will be unable to withdraw 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 providing 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: It is important to understand how much money you have to be able to fully protect your finances. To have better knowledge 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.
- Hire a forensic accountant: It is crucial that you hire a forensic accountant who can replace your income and asset picture based on your lifestyle and investments if you have a high net worth. It is also beneficial to look into the likelihood 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.
- Create an emergency fund: If you create an emergency fund that cannot be attained by anyone else, it can be used to maintain your financial health in the event that a number of your assets are within the control of your former spouse.
Contact our Firm
We understand that those getting a divorce most likely have several questions regarding the weeks and months to come. Paris P. Eliades Law Firm, LLC is honored to serve the people of New Jersey, including Sparta, Sussex County, Morris County, Passaic County, and Bergen County with the quality legal services they deserve. If you are getting a divorce or have any other questions regarding divorce-related matters, please do not hesitate to contact our firm for a consultation today.