If you are going through a divorce, it is essential that you take certain measures to ensure your finances are protected during this quite long process. Reach out to our firm to speak with a skilled Massachusetts divorce attorney about the specifics of your case and how we can best help you.
How can I protect my finances during a divorce?
- Hire a divorce attorney: If you are going through a divorce, you will need to 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. A lawyer can also give legal advice that will keep you and your future in mind in order to achieve the best possible outcome for your divorce.
- Hire a forensic accountant: If you have a high net worth, it is best to hire a forensic accountant who can restore your income and asset picture based on your lifestyle and investments. You should also acknowledge the possibility of bringing in a forensic accountant if you believe your partner is hiding money from you. Having a skilled attorney with experience in assets and trusts can support you if you think assets are offshore or in a domestic asset trust.
- Separate your bank accounts: You should work with your spouse to separate your bank accounts. In order to accomplish this, you will need to withdraw your money into an individual account and tell your former spouse about what you have done. This will prevent your former spouse from abruptly withdrawing all of the money in your shared account.
- Check if your former spouse requires insurance: It is important to make sure that your former spouse is insured if they are making alimony or child support payments. If the payer passes away, their estate will provide any funds that are owed.
- Know the amount of money you and your former spouse have: You will also want to know how much money you have in order to fully protect your finances. To have an accurate 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: By having an emergency fund that cannot be reached by anyone else, it can be used to support your financial health in the event that a number of your assets are within the control of your former spouse.
Contact our experienced Bristol County firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.