How to Protect Your Finances When Facing a Divorce in New York
Protecting your finances is one of the most important things you can do during the divorce process. Keep reading to learn about how you can best do this and reach out to our experienced New York divorce attorneys to obtain reliable legal representation.
How can I protect my finances during a divorce?
- Retain the services of a divorce attorney: With an experienced attorney, they will have the capacity 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 sound legal advice that will always keep your best interests in mind.
- Separate your bank accounts: You and your spouse should create separate bank accounts as soon as possible. To do this, you will need to transfer your money and place it into an individual account and notify your spouse about what you did. By doing this, your former spouse will be unable to remove all of the money in your joint bank account.
- Check if your former spouse requires insurance: It is necessary 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 provide any funds that are owed.
- Hire a forensic accountant: If you have a high net worth, you should retain the services of a forensic accountant who can replace your income and asset picture based on your lifestyle and investments if you have a high net worth. It is also helpful to look into bringing in a forensic accountant if you have a mistrust of your partner hiding money from you. Do not wait to retain the services of an experienced attorney with knowledge 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 can create an emergency fund that cannot be attained by anyone else, it can be used to maintain your financial well-being if your assets are within the control of your former spouse.
- Know the amount of money you and your former spouse have: It is important 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.
Contact our Firm
The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation.