Marriages dissolve for many different reasons – sometimes mutual, sometimes not. Either way, it can be a grueling process for all involved. There are so many questions that you need answered. One of them is, how will you go about protecting your finances throughout the divorce process?
Here are some points to consider before starting your divorce proceedings:
- Retain a financial expert early on
- Friends and family want to be helpful, but they are not experts, neither are divorce lawyers
- Having a certified and well-trained forensic accountant will be vital in protecting your financial assets as the divorce becomes settled
- Determine what your economic landscape will need to look like after your divorce has been finalized
- Develop a long-term plan of action that includes retirement
- Close any joint accounts and open new accounts for yourself
- Create a budget that you can implement now and post-divorce
- Start building your credit score now
- Keep impeccable records of your expenses and various forms of income
- Delay large purchases, loans or investments
- When possible, try to consider your soon to be ex-spouse’s future financial needs
Navigating your way thru a divorce can be very difficult, but when you work with a financial expert, that is versed in divorce, the journey can be more straightforward.
Our accounting professionals at White, Zuckerman, Warsavsky, Luna & Hunt are a diverse group, knowledgeable in commercial and family law litigation as well as providing conventional accounting and tax practice services as you proceed with your divorce.
If you have a complicated financial profile that needs to be sorted out, contact our forensic auditors today to see how they can be of assistance during your separation proceedings!
When you need more than an accountant … Get an EXPERT!
Note: This information is general in nature and should not be construed as legal/financial/or tax advice. You should work with your attorney, financial or tax professional to determine what will work best for your situation.