Divorce can be devastating, both emotionally and financially. Fortunately, there are steps you can take to minimize the financial impact of your divorce. To financially protect yourself during your divorce, follow these tips.
Important financial documents have a way of mysteriously disappearing once they are needed in court. Keep thorough records of your finances before you even begin the divorce process. Copy anything and everything financial. Your attorney will ask you for these copies to begin the divorce process.
Financial transactions that take place after that date are treated differently than those that occurred prior to the separation. For example, if your spouse depletes your bank account just days after you announce you want a divorce, he or she could be liable to pay you back. If the account was liquidated before you even separated, however, you might not be compensated for that in the divorce. Note that the date of separation doesn’t need to be a legal separation, just the date you decided you no longer wanted to be married.
Filing for divorce can do two things. First, it can put in place restraining orders that limit what you and your spouse can do with your assets. Typically, once those orders are in place, you will both be prohibited from actions such as taking out loans or buying a car. If you disobey the orders, you can be held responsible for the money you spent or the debt you incurred.
Second, once you file for divorce, you can also seek temporary pendente lite orders for child support, alimony, and other relief. Pendente lite orders can ensure important bills are paid, your credit rating doesn’t plummet, and you keep your insurance. You can also get pendente lite orders for custody and parenting time.
It’s important to protect your finances during divorce, so you can start your new life on good financial standing. Too many spouses start their new life in debt or struggling to catch up after making financial mistakes during the divorce. Many people assume a divorce lawyer is one of those expensive mistakes. In reality, spouses without legal representation tend to make more financial mistakes in divorce than those with competent legal counsel. Speak with an attorney about what you can do to protect yourself financially during a divorce. A skilled New Jersey matrimonial attorney can help you put protections in place to protect your financial well-being.
If you have questions about divorce financials, the Williams Law Group, LLC is here to help. Our skilled attorneys can provide legal guidance throughout the divorce process, ensuring your financial interests are protected. Located in Short Hills, New Jersey, Williams Law Group, LLC provides compassionate and dedicated legal services to Union, Bergen, Essex, Hudson, Morris, Monmouth, and Middlesex counties, and the surrounding areas. Our knowledgeable attorneys handle divorce and family law, child custody, and child abuse/neglect cases. Contact us to schedule a consultation and ultimately get you connected with an experienced New Jersey divorce and child custody attorney.