If you are facing a divorce, it is important that you consider your finances through this legal process. Continue reading to learn how you can protect your finances through your divorce proceedings. If you have any further questions regarding your divorce, do not hesitate to reach out to our experienced divorce attorney who will walk you through the steps of the legal process ahead. Give our firm a call today to learn more about our services and how we can assist you.
Ways to Protect your Finances Through a Divorce
- Know how much money you have: In order to properly protect your finances, you must know how much money you have. This means that you should know the balance of your former spouse and your savings plans, credit card bills, 401(k)s, and more. This is one of the first steps you should take to protect your finances.
- Create an emergency fund: It is important to have an emergency fund when facing a divorce. This account should not be kept a secret. Instead, it will simply be used to boost your financial health. This account should only be able to be accessed by you. In the event that the majority of your assets are held only in the name of your other spouse, this emergency fund will serve an important purpose.
- Separate your bank accounts: Separating your bank accounts is another important step to take to protect your finances when facing a divorce.
- Hire a divorce attorney: With a divorce attorney in your corner, they will be able to freeze any accounts that may be at risk. They will also be able to free up funds for your living and legal expenses. Your attorney will work to support you and your finances in the event that your former spouse has recently drained a joint account or took on a significant amount of debt.
- Check to see if your spouse has insurance: It is important for your former spouse to have life insurance. This will ensure that if they were to pass away, their estate will then be responsible for any monies owed.
- Consider your own insurance: It is common for individuals going through a divorce to forget to change their beneficiary forms. Changing these forms will avoid your former spouse from receiving benefits if you were to pass away.
To learn more about protecting your finances through a divorce, contact our experienced divorce attorney today. We would be happy to help.
CONTACT OUR EXPERIENCED NEW JERSEY FIRM
If you require strong legal representation for matters of divorce and family law in Rumson, Monmouth County, or anywhere in New Jersey, contact The Law Offices of Paone, Zaleski & Murphy to schedule a consultation with one of our experienced attorneys today.