If you are going through a divorce, you may be wondering what steps you should be taking to protect your money. Read on and reach out to Rice Law today to speak with a dedicated and experienced Shelby County, Tennessee divorce lawyer. Our legal team is here to help you each step of the way.
There are a number of ways you can protect your money in a Tennessee divorce. They include the following:
- Learn how much money you have. Before you attempt to protect your money, it is important that you understand what you and your partner have. After all, you can’t protect what you don’t know you have.
- Separate your bank accounts. If you do not have your own checking and savings account, you will want to do so as soon as you can. If all of your money is in a joint account, you may risk the chance that your former spouse will unexpectedly withdraw all of the money in it. It is unfortunate that this is a possibility, however, keep in mind that it does occur.
- Don’t hide your money. Even though it may appear like illogical advice, especially if you do not trust your former spouse, you will be better off in the long run if you are honest about your assets.
- Bring in a forensic accountant. Not everyone needs a group of high-level professionals working for them to get through a divorce. However, if you have a high net worth and feel your partner is hiding money from you, the help of a forensic accountant can be crucial.
- Make sure the paperwork is filled out correctly. This is particularly important to avoid issues down the line. The best way to ensure that your paperwork is correctly filled out is by retaining the services of a skilled legal professional, such as a divorce attorney.
- Remember the “extras” in child support. Note that if you are going to receive child support, you should count the extracurricular activities such as camp and soccer gear. This is because the little purchases add up, and you do not want to go back to court after the divorce is said and done to get reimbursed for these costs. By remembering this small factor, you can assure you are covering your expenses.
- Hire a divorce attorney. If you are unsure about whether or not you will lose access to your money or accounts while going through your divorce, it is in your best interest to have one of our Shelby County, Tennessee family lawyers on your side.
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If you require strong legal representation for matters of divorce and family law in Memphis or anywhere in Tennessee, contact Rice Law to schedule a consultation with one of our experienced attorneys today.