If you are facing a divorce and are worried about your financial health, continue reading to learn the top six tips for protecting your finances through these legal matters. If you require assistance with any aspect of your divorce, do not hesitate to reach out to our experienced divorce attorney. We will happily walk you through the steps ahead. Give our firm a call today to discuss our services and to learn how we can assist you.
Ways to Protect Your Finances While Going Through a Divorce
Consider the following steps to protect your finances while facing a divorce:
- Gain a clear understanding of you and your former spouse’s finances: In order to protect your finances, you will have to understand exactly how much money you have to protect. To gain a thorough understanding of your finances, learn the balance of you and your former spouse’s 401(k), credit card bills, 529 accounts, savings plans, and more.
- Create an emergency fund: An emergency fund is always important, especially for someone who is going through a divorce. This fund is necessary to have in the event that the majority of your assets are held only in the name of your spouse.
- Separate your bank accounts: Separate your bank accounts from your former spouse. This will avoid complications regarding your assets during divorce proceedings.
- Hire a forensic accountant: If you have a high net worth, having a forensic accountant on your side may be essential for your divorce proceedings. A forensic accountant can reconstruct your income and asset picture based on lifestyle and expenses. It may also be a good idea to bring in a forensic accountant if you believe your partner is hiding money.
- Check if your former spouse requires insurance: If your former spouse will be making alimony or child support payments, it is important to know if they are insured. If your former spouse passes away, and they have life insurance, their estate will supply any monies owed.
- Hire a divorce attorney: Reach out to an experienced divorce attorney who maintains your best interest through this legal process. Having an attorney in your corner who can provide legal advice to work towards achieving the best possible outcome for your divorce will help you to maintain good financial health.
If you have any further questions regarding the legal process, give our firm a call today to schedule your initial consultation. We are here to help.
Contact our Firm
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.