How to Protect Your Finances When Facing a Divorce
If you are going through a divorce, it is imperative that you create a plan to ensure that you are in good shape financially throughout your divorce process. Do not hesitate to reach out to our firm today to speak with a dedicated New Jersey divorce attorney to help you navigate through this process. At Townsend, Tomaio & Newmark L.L.C., we are committed to ensuring that you and your future are protected. Continue reading to learn about the various steps that can be taken to ensure that you are financially protected during your divorce.
How can I protect my finances during a divorce?
- Hire a divorce attorney: It is essential that you retain the services of an experienced divorce attorney who will have the ability to suspend any accounts at risk or free up funds for your legal and living expenses throughout the process. An attorney can also provide legal advice with you and your future 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 restore your income and asset picture based on lifestyle and expenses. You should also consider bringing in a forensic accountant if you believe your partner is hiding money from you. Retaining the services of an attorney with experience in assets and trusts can support you if you think assets are offshore or in a domestic asset trust.
- Separate your bank accounts: It is highly recommended that you work with your spouse to separate your bank accounts. To do this you should withdraw your money into an individual account and inform your former spouse of what you have done. This will evade 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 provide any funds that are 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 fully protect your finances. To have a thorough understanding of the money you have, it is important to 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: By having an emergency fund that cannot be accessed by anyone else, it can be used to support your financial health in the event that the bulk of your assets are held solely in the name of your former spouse.
Contact our Firm
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.