How to Protect Your Finances When Facing a Divorce in New York
It is important that you take certain measures to ensure your finances are protected throughout your divorce process. Do not hesitate to reach out to our skilled divorce attorneys to discuss your options.
How can I protect my finances during a divorce?
- Retain the services of a divorce attorney: If you are going through a divorce, you will need a skilled divorce attorney on your side. Your attorney will have the ability to suspend any accounts at risk or free up funds for your legal and living expenses throughout the process. A lawyer can also provide sound legal advice that will keep you and your future in mind in order to obtain the best possible results.
- Hire a forensic accountant: If you have a high net worth, it is essential that you hire a forensic accountant who can restore your income and asset picture based on your lifestyle and investments. You should also look into the possibility of bringing in a forensic accountant if you have suspicions of your partner hiding money from you. Having an experienced attorney with knowledge in assets and trusts can support you if you think assets are offshore or in a domestic asset trust.
- Separate your bank accounts: It will be beneficial to both you and your spouse to separate your bank accounts. In order to do this, you will need to withdraw your money into an individual account and tell your former spouse about what you have done. This will prevent your former spouse from withdrawing all of the money in your shared account.
- Check if your former spouse requires insurance: It is necessary to make sure that your former spouse is insured especially 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: You will also want to understand how much money you have to be able to fully protect your finances. To have a formal 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: If you create an emergency fund that cannot be reached by anyone else, it can be used to support your financial health in the event that a number of your assets are within the control of your former spouse.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 22 years, is always available to assist and represent parties in divorce, separation, and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 342-3575.