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How to Protect Your Finances When Facing a Divorce

How to Protect Your Finances When Facing a Divorce

Individuals who are facing a divorce may seek a plan to put into place to come out on the other end in good shape financially. Continue reading to learn the steps to take to protect your finances during divorce proceedings:

  • Hire a divorce attorney: It is important that you retain the services of an experienced divorce attorney who will have the ability to freeze any accounts at risk or free up funds for your legal and living expenses throughout the process. They will also provide legal advice with your best interest in mind in order to achieve the best possible outcome for your divorce.
  • Hire a forensic accountant: If you have a high net worth, it is best to hire a forensic accountant who can reconstruct your income and asset picture based on lifestyle and expenses. It is also a good idea to bring in a forensic accountant if you believe your partner is hiding money from you. Hiring an attorney with experience in assets trusts can assist you if you believe assets are offshore or in a domestic asset trust.
  • Separate your bank accounts: It is important that you work with your spouse to separate your bank accounts. It is best to withdraw your money into an individual account and alert your formers spouse of what you have done. This will avoid your former spouse from abruptly withdrawing all of the money in your shared account.
  • Check if your former spouse requires insurance: Your former spouse should be insured if they are making alimony or child support payments. If the payer passes away, their estate will supply any monies owed.
  • Know the amount of money you and your former spouse have: It is important to know how much money you have in order to protect your finances. To have a thorough understanding of the money you have, 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: Having an emergency fund that cannot be accessed by anyone else is essential when proceeding through a divorce. This emergency fund can be used to support your financial health in the event that the majority of your assets are held only in the name of your spouse.

Contact our experienced Ocean City firm

Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, both you and your children’s emotional well-being are at risk as well. If you need a divorce and family law attorney in Ocean County, New Jersey, please do not hesitate to contact the Law Office of Sarina Gianna, LLC today to schedule a consultation.

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