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Somerville Divorce Lawyer > Blog > Blogs > How to Protect Your Finances During a Divorce

How to Protect Your Finances During a Divorce

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If you are facing a divorce, you may be worried about protecting your finances throughout this legal process. To learn the top six steps to take during the divorce proceedings that can benefit you financially, continue reading and reach out to the Law Offices of Katherine K. Wagner

  1. Understand your current financial situation: You must know how much money you have in order to protect it. To gain a clear understanding of the amount of money you and your spouse have, it is best to know the balance of you and your spouse’s 401(k)s, credit card bills, savings plans, 529 accounts, and more. 
  2. Separate your bank accounts: One of the first steps you should take when facing a divorce is to work with your spouse to separate your bank accounts. If you worry that your spouse may abruptly withdraw all of the money in your shared account, it is best to seek competent legal counsel who can determine the best course of action to help protect your assets.
  3. Create an emergency fund: Create an emergency fund that cannot be accessed by anyone else. This fund will be created for your financial health in the event that the majority of your assets are held only in the name of your spouse. 
  4. Check to see if your spouse has insurance: If your former partner is making alimony or child support payments, they must be insured. This will allow their estate to supply any monies owed if they were to pass away. 
  5. Hire a forensic accountant: If you believe your former partner is hiding money from you or if you have a high net worth, it may be a good idea to hire a forensic accountant. A forensic accountant can reconstruct your income and asset picture based on your expenses and lifestyle. 
  6. Hire a divorce attorney: Having a divorce attorney in your corner will provide you with the legal counsel you require to proceed through this legal process with your best interests as the top priority. Reach out to the Law Offices of Katherine K. Wagner today to learn more about Ms. Wagner’s services and how she can assist you through your divorce proceedings. 

If you have any further questions regarding your finances during a divorce, do not hesitate to reach out to the Law Offices of Katherine K. Wagner to learn more about her services.

Contact the Law Offices of Katherine K. Wagner

Do not face complex divorce and family law matters alone. With over 25 years of experience, the Law Offices of Katherine K. Wagner is dedicated to providing you with the knowledge and skill your case deserves. We will fight to protect your rights, your financial security, and your children. Contact the Law Offices of Katherine K. Wagner today for a consultation.

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