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How to Protect Your Finances When Facing a Divorce in New Jersey

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How to Protect Your Finances When Facing a Divorce in New Jersey

It is essential that you take certain measures to ensure your finances are protected throughout your divorce process. It is in your best interest to reach out to our firm to speak with a skilled New Jersey divorce attorney about the specifics of your case and how we can best support you.

How can I protect my finances during a divorce?

  • Hire a divorce attorney: You will need to have a skilled divorce attorney on your side throughout your divorce process. It is important that your attorney has the ability to suspend any accounts at risk or free up funds for your legal and living expenses throughout the process. Additionally, a lawyer can provide legal advice that can keep you and your future interests in mind to ensure that your divorce will result in the best possible outcome.
  • Hire a forensic accountant: It is highly recommended that you hire a forensic accountant if you have a high net worth. A forensic accountant will have the capabilities to restore your income and asset picture based on your lifestyle and investments. You should also consider the possibility of bringing in a forensic accountant if you believe your partner is hiding money from you. A skilled attorney that has experience in assets and trusts can support you if you think assets are offshore or in a domestic asset trust.
  • Separate your bank accounts: It is important that spouses work together to separate 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 ensure that your former spouse cannot abruptly withdraw 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: In order to fully protect your finances, you will need to have full awareness of the money in your account. 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: With 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 Firm

If you require experienced legal representation for a matter of Family Law, Supplemental Security Income, Medical Malpractice, Social Security Disability, or Legal Malpractice, Siragusa Law Firm is here to help. Contact our firm today to schedule a consultation so we can discuss your case.

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