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Fleischer Law Solutions February News

 

 

 

 

Money is a leading cause of stress in a marriage. This is also true for divorce.

 

Money and financial holdings such as property and stock portfolios and the distribution of who gets what, how much, and how often is just as emotional as custody issues.

 

Before you consult with a divorce attorney, or even before you toss your hands up in frustration and “throw the @#$ out,” take a moment and follow your money with my 3 Financial Steps to Prepare for Your Divorce listed below.

 

Warm Regards,

Robin Fleischer Esq.

Fleischer Law Solutions, PLLC

 

 

 

3 Financial Steps You Must Take to Prepare for Your Divorce

 

 

Open Your Own Bank Account

 

No matter who decides to file for divorce, you are going to need money for legal fees, court costs, and living expense. It is a good idea to have an emergency fund available that will cover some of these costs. Once the divorce complaint and summons are served, there is something called an automatic restraining order on all assets. It’s just as alarming as it sounds and can tie your assets and ability to care for yourself into knots. It means that no money can be transferred, nor can property, stocks, or bonds be sold without express permission of the other party.

 

If you aren’t on speaking terms with your spouse prior to filing for divorce, you can imagine how difficult a financial transaction can become once a divorce is filed. It can also be expensive if you are reduced to communicating through lawyers. The good news is you are allowed to use the money for legal fees and for usual running of a business and living expenses.

 

If you don’t have your own bank account, I suggest opening up an account in a separate bank from where your joint account is held. 

Do not fall into the trap of putting cash in a safe deposit box. First, it is now illegal to keep cash in those boxes and secondly, any safe deposit box and its contents have to be disclosed to your spouse during the information gathering process of the divorce.

 

Check Your Credit Report

 

Check your credit report. If you have joint accounts, what your spouse does is going to affect you. If he or she has been secretly running up debt, a lower credit score will give you a hint. CreditKarma.com will provide you free credit reports from Equifax and TransUnion.  

 

Gather Your Financial Documents 

 

You need to conduct a financial analysis of what you both own. Once your divorce is filed, both parties will be required by law to complete a financial statement and exchange bank account statements, tax returns, retirement account statements, W-2 statements and any loan applications that have been completed prior to the filing of the divorce. 

 

The more information you have when you do meet with your attorney, the better prepared you both will be to negotiate a financial settlement.

 

If you suspect your spouse has been hiding assets or spending money secretly on purchases that have nothing to with the marriage, now is the time to become a detective. Keep an eye on credit account statements and bank balances. Look at your past tax returns.

 

Your marriage is a legal and binding contract, and like a company that does business with vendors and customers, there are financial rules, obligations, and safeguards to protect everyone – especially minor children. Treat your financial life as a business. Take out the emotion and be prepared to negotiate the deal that will lead to a new life of happiness.

 

Please visit my Facebook page where I post relevant articles concerning all issues of divorce and family law. 

 

Fleischer Law Solutions has a network of divorce professionals whom we work with to prepare and protect our clients throughout the entire divorce process.

 

Call Fleischer Law Solutions today and book a consultation to discuss how we can help you obtain the best solution to your legal problem.

 

About Atty. Robin Fleischer

 

Providing Client-Centered Representation

for all your Divorce, Family, and Personal Legal Issues

 

Attorney Fleischer is a respected family law attorney who is known for her integrity, honesty and creativity in finding solutions to some of the most emotional and tough legal issues.

 

She has dedicated her career to helping people going through the emotional roller coaster of divorce and other family law problems.

 

She understands that people experiencing a divorce, child custody or other family legal matter need an advocate who is compassionate, understanding and responsive to their needs. When relationships fail, the effects cascade into all areas of a persons’ life.

 

Attorney Fleischer earned a BA in Education from Framingham State University in 1981. She graduated the Massachusetts School of Law in 2012 and was admitted to the Massachusetts Bar the same year. She has worked in the legal industry for over twenty years, first as a paralegal in her father’s law practice and now as a solo practitioner in her own law firm.

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If you or someone you know needs a conversation about divorce, please have them call Atty. Robin Fleischer

 

 

 

 

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