How to Protect Your Finances When Going Through a Divorce

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How to Protect Your Finances When Going Through a Divorce

If you are going through a divorce, it is crucial that you create a plan to make sure that you are financially comfortable throughout the divorce process. Do not hesitate to reach out to our experienced New York divorce attorneys to discuss your options.

How can I protect my finances during a divorce?

  • Separate your bank accounts: It is crucial that you work with your spouse to separate your bank accounts. In order to do this, you should remove your money and put it in an individual account, and notify your former spouse about what you did. This will prevent your former spouse from suddenly withdrawing all of the money in your shared account.
  • Check if your former spouse requires insurance: If your former spouse is making alimony or child support payments, they must be insured. If they pass away, their estate will provide any funds that are owed for those causes.
  • Know the amount of money you and your former spouse have: It is necessary that you are aware of how much money you have in order to fully guard your finances. To ensure that you have a deep 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 have an emergency fund that cannot be reached by anyone else, it can be used to support your financial health in the case that the majority of your assets are under the name of your former spouse and you cannot gain access.
  • Hire a forensic accountant: If you have a high net worth, it is most beneficial to hire a forensic accountant that can help you recover your income and asset picture based on lifestyle and expenses. You should also consider bringing in a forensic accountant if you believe your partner is hiding money from you. Also, having the services of an attorney with experience in assets and trusts can support you if you think assets are offshore or in a domestic asset trust.
  • Hire a divorce attorney: Last but not least, it is imperative that you retain the services of a skilled divorce attorney who will have the ability to suspend any accounts at risk or free up funds for your legal and living expenses throughout the process. An attorney can also provide legal advice with you and your future in mind in order to achieve the best possible outcome for your divorce.

CONTACT OUR FIRM

Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.

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