In today’s society, divorces are costly. When you are getting a divorce it is imperative to make the right decisions when it comes to saving your money. Couples tend to make avoidable money mistakes because they are overwhelmed by the situation at hand. However, finding an experienced divorce attorney who can prepare you for the divorce process can save you a significant amount of money. This helps your overall financial security after a divorce. If you are seeking a divorce, please read on and contact a dedicated Rockland County Divorce & Separation Attorney who can help you save and protect your money during the divorce process.
How can I protect my money during a divorce?
There are several ways you can save and protect your money during a divorce. The following are some examples of how you can prepare yourself:
Retain the legal services of a qualified attorney
It is extremely crucial to have the right legal representation. You should obtain the legal services of a skilled attorney who meets your needs. It can sometimes be difficult to find the right attorney who will help save you money. An experienced Rockland County divorce & separation attorney can help you choose the most suitable divorce path that saves you money and time. You should consider divorce mediation as an alternative to litigation as it can save you a substantial amount of time and money. Divorce mediation allows couples to resolve their disputes and devise a mutually agreed upon divorce agreement. In addition, an experienced divorce attorney will help you avoid making costly mistakes and will fight on your behalf to ensure you receive a fair portion of marital property.
Open separate banking accounts in your name only
It is critical to freeze or close any joint banking accounts. You should close your joint banking accounts because it will prevent you from being liable for any of the accumulated debt your spouse has incurred after marriage. If you are not the “breadwinner,” meaning you may be the stay-at-home parent, it is important to establish your credit history. This is because later on when you want to take out any type of loan or take a mortgage on a house, you will need a good credit history to do so.
Update your will
During a divorce, this may not seem like the most important component, but it will protect your money in the long run. You must revise your will accordingly to reflect your current situation. A will is an estate planning tool that allows you to dictate your wishes for the division of assets after you’ve departed. Additionally, it allows you to appoint a Power of Attorney (POA) and establish a health directive. If you do not change your will and your ex-spouse remains your POA, they will make decisions on your behalf regarding your health. Additionally, if they are left as an executor or a trustee they will have access to and responsibility for your assets. Changing your will can help you ensure your money is protected after you’ve departed.
It is important to protect yourself financially during the divorce process. In the unfortunate event that your marriage fails, please don’t hesitate to reach out to one of our knowledgeable and skilled attorneys. Our firm is committed to helping our clients protect their finances during a divorce.