Getting a divorce can be difficult. There is a chance that a divorce will cost you, but you can take steps that will help protect you financially. By taking these steps, you can help protect your assets during a divorce.
Take an Inventory of Your Assets
Make sure you have a good idea of what you have now, not what you think you will have in a few years. Make sure you have a detailed summary of all bank accounts, retirement accounts, investments, credit cards, and everything else.
Do Not Hide Money
Do not try to hide money or accounts while going through a divorce. If you get caught, there will be consequences. Hiding assets is considered contempt of court, and a judge might issue sanctions, increase alimony, and even require the other spouse to pay for attorney fees.
Create Separate Bank Accounts
With a joint bank account, it is easy for one spouse to empty the account without the other’s knowledge. You should create a separate bank account if possible. This will protect you until your divorce is finalized.
Create an Emergency Fund
Having an emergency fund allows you to have a fallback if something bad happens financially. A divorce could take months or even years to resolve, so it is essential to have assets you can access.
Hire an Experienced Divorce Lawyer
The sooner you have a divorce lawyer on your side, the better. You should consider hiring one even before the divorce process has begun so that all of your questions can be answered and a plan can be formed.
Examine Your Insurance Policies
You should examine your health insurance coverage and what is needed to keep that going. Also, both parties should have adequate life insurance policies, especially if they have children.
Add Extracurricular Activities to Child Support
If you are receiving child support, ensure the order includes the cost of extracurricular activities. You have to put these extra costs separately because basic child support does not typically cover extracurricular activities, like summer camp.
Delaware County Divorce Lawyers at Eckell Sparks Provide Experienced and Knowledgeable Legal Representation to Divorcing Clients
If you are considering getting a divorce, do not hesitate to speak with one of our experienced Delaware County divorce lawyers at Eckell, Sparks, Levy, Auerbach, Monte, Sloane, Matthews & Auslander, P.C. today. We can help make the divorce process easier. For an initial consultation, call us at 610-565-3701 or contact us online. Located in Media and West Chester, Pennsylvania, we serve clients throughout Delaware County, Chester County, and Montgomery County.