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How Can I Protect My Finances While Going Through a Divorce?

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How Can I Protect My Finances While Going Through a Divorce?

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.

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Mediation Services

Our firm believes that exploring alternatives to litigation can greatly benefit our client. Our firm’s established mediation practice can help you resolve family law issues more efficiently, amicably and at a lower cost. If you are interested in knowing more about our mediation services, contact the firm to discuss your situation.

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –

“This firm and it's team are the best out there, hands down. Robyn Ross helped me through a difficult time. Something that should have been...”

– Nestor –

“Robyn navigated me through a difficult period and explained every piece of the process in great detail along the way. I know in the end...”

– Clarissa –

“Robyn Ross handled my two cases and won both, her passion and expertise was beyond a 5-star rating. She communicated with me through both cases...”

– Abdul –

“Liz represented me throughout a long and difficult divorce process. She was a godsend. Her knowledge, compassion, dedication, and commitment are unparalleled. I can not...”

– Peter –

“The hardest part of going through a divorce or separation is the children. I’m so thankful that I had this firm represent my case. Ross...”

– Paula –

“This is a great counsel team. Very knowledgeable, professional and compassionate. They also make you feel like you are their only client, very attentive!”

– Bettyna J. –