Protecting your finances is an important part of the divorce process. There are many steps that are advised you take, so continue reading to learn more about them. Contact our experienced New York divorce attorneys to learn more about the divorce process. Our firm is dedicated to ensuring you and your future are protected.
How can I protect my finances during a divorce?
- Retain the services of a divorce attorney: If you hire an experienced divorce attorney, they will have the ability 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 dependable legal advice that will always put your best interests first.
- Separate your bank accounts: You and your spouse should create separate bank accounts right away. You can do this by transferring your money and placing it into your own account. Be sure to notify your spouse to let them know what you did. By doing this, you can ensure that your former spouse will be unable to remove all of the money in your joint bank account.
- Hire a forensic accountant: If you have a high net worth, you should hire a forensic accountant that can replace your income and asset picture based on your lifestyle and expenses if you have a high net worth. It is also important to look into taking in a forensic accountant if you have a suspicion about your partner hiding money from you. Do not wait to hesitate to retain the services of an experienced attorney with proficiency in assets and trusts that can support you if you think assets are offshore or in a domestic asset trust.
- Create an emergency fund: You also may want to create an emergency fund that cannot be attained by anyone else to maintain your financial well-being if your assets are within the control of your former partner.
- Know the amount of money you and your former spouse have: It is essential to know 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.
- Check if your former spouse requires insurance: It is important to confirm that your former spouse is insured. Especially if they are providing alimony or child support payments. In the event that the payer passes away, their estate will contribute any funds that are owed.
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Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.