If you are facing a divorce and are growing worried about your finances through this legal process, continue reading and reach out to our experienced divorce attorney to learn the top tips for protecting your finances through a divorce.
How can I protect my finances while going through a divorce?
- Gain a clear understanding of your finances: One of the first steps you should take to protect your finances is to gain a clear understanding of what you need to protect. To do so, it is important to learn the balance of you and your former spouse’s 401(k), credit card bills, 529 accounts, savings plans, and more.
- Separate your bank accounts: Separate your bank accounts from your former spouse to avoid complications regarding your assets during divorce proceedings. It is best to have an account that can only be accessed by you.
- Hire a forensic accountant: Bringing in a forensic accountant may be essential for your divorce proceedings if you have a high net worth. A forensic accountant can reconstruct your income and asset picture based on lifestyle and expenses. You may also want to utilize a forensic accountant if you believe your partner is hiding money.
- Check to see if your former spouse has insurance: It is important that your former spouse is insured if they will be making alimony or child support payments. Having life insurance will ensure that their estate will supply any monies owed if they were to pass away.
- Create an emergency fund: It is always important to have savings for a rainy day, especially if you are going through a divorce. An emergency fund is crucial in the event that the majority of your assets are held only in the name of your spouse.
- Hire a divorce attorney: Retain the services of a knowledgeable and experienced divorce attorney who will maintain your best interest through this legal process. Gaining legal advice from a skilled attorney will help you to protect your financial health through this process.
If you require further assistance with any divorce matters, do not hesitate to reach out to our divorce attorney to learn how we can assist you. Contact Butler, Giraudo & Meister, P.C. today.
Contact Our Experienced Illinois Firm
At Butler, Giraudo & Meister, P.C., a Peoria and Tazewell County divorce lawyer from our team is here to help you navigate the challenges of any divorce or family law matter you may be facing. We are dedicated to the practice of Family Law in Peoria, Tazewell and Woodford County and throughout Central Illinois. We provide effective and compassionate legal counsel in pursuit of our clients’ goals when dealing with any matrimonial issue, including, but not limited to divorce, alimony, division of marital assets, child custody, and child support. Contact us today.
