It is important to consider your finances when facing a divorce. Continue reading to learn the steps you can take that will protect you financially while you go through this legal process and enter a new stage in your life.
How can I protect my finances while I am going through a divorce?
The following steps will assist you in protecting your finances through a divorce:
- Create an emergency fund: It is crucial to have an emergency fund when proceeding with 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.
- Hire a forensic accountant: If you have a high net worth, having a forensic accountant in your corner is essential. A forensic accountant 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.
- Separate your bank accounts: Another important step to take when facing a divorce is to separate your bank accounts to avoid complications regarding your assets.
- Check if your former spouse requires insurance: Your former spouse should be insured if they are making alimony or child support payments. This is important because if your former spouse 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 your finances, learn the balance of you and your former spouse’s 401(k), credit card bills, 529 accounts, savings plans, and more.
- Hire a divorce attorney: It is important that you retain the services of an experienced divorce attorney who can provide legal advice with your best interest in mind in order to achieve the best possible outcome for your divorce while maintaining good financial health.
If you have any further questions about how to protect your finances through a divorce, it is important that you retain the services of our experienced attorney at Haber Silver Simpon & Russoniello. We will work towards the best possible outcome for your divorce. We want all of our clients to move forward into this new chapter in their life knowing their legal matters are in good hands. Give us a call today to learn more about how we can assist you.
Contact our experienced New Jersey firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Simpson & Russoniello is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.