How Can I Protect My Finances While Going Through a Divorce?

How Can I Protect My Finances While Going Through a Divorce?

To learn how you can protect your finances while facing a divorce, continue reading and reach out to our experienced divorce attorney who will walk you through the steps of the legal process ahead. Give us a call today to get started.

Ways to Protect Your Finances While Going Through a Divorce

Consider taking the following steps to protect your finances while you proceed with your divorce:

  • Hire a divorce attorney: Gaining the assistance of an experienced divorce attorney will provide you with the legal counsel that you require to maintain your best interests through this legal process while protecting your financial health.
  • Gain a clear understanding of you and your former spouse’s finances: It is important to understand how much money you have realistically in order to properly protect your finances. To gain a thorough understanding of your finances, it is best to learn the balance of you and your former spouse’s 401(k), credit card bills, 529 accounts, savings plans, and more.
  • Check if your former spouse requires insurance: Being sure that your former spouse is insured will allow you to find peace of mind knowing that if they were to pass away, their estate will supply any monies owed regarding alimony or child support payments.
  • Separate your bank accounts: It is important to separate your bank accounts from your former spouse and create an account that can only be accessed by you. This will avoid complications regarding your assets during divorce proceedings.
  • Hire a forensic accountant: If you have a high net worth, consider hiring a forensic accountant who can reconstruct your income and asset picture based on lifestyle and expenses. It may also be a good idea to bring in a forensic accountant if you believe your partner is hiding money.
  • Create an emergency fund: An emergency fund is necessary to have in the event that the majority of your assets are held only in the name of your spouse.

If you require any assistance with your divorce matters, do not hesitate to contact our experienced divorce firm to learn how we can assist you through the steps ahead. Our firm is dedicated to providing legal counsel for our clients with their best interests in mind. Give our firm a call today to schedule your initial consultation.

CONTACT OUR EXPERIENCED NEW YORK FIRM

Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today. 

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