PROTECTING ASSETS DURING DIVORCE
Every divorce case is unique, along with each matter’s specific disputes, there is also variation in everyone’s finances. Divorce can be costly at times, but there are important financial matters to discuss prior to filing for divorce.
SPEAK TO AN ATTORNEY FIRST BEFORE FILING FOR DIVORCE
Filing for divorce before speaking to an attorney is a common mistake. When there are children, assets and other financial considerations involved, you want to speak to an attorney first. If, for example, your bank account is subpoenaed, it may look suspicious if your accounts were emptied out and money was transferred to someone else right before you filed. During a divorce, you have to provide full financial disclosure. Further, upon filing, a restraining order is automatically placed on the plaintiff which prevents him/her from selling, transferring, encumbering, concealing, assigning, removing, or disposing of any property belonging to either party (except in limited circumstances). The same restraining order applies to the defendant once he/she is served.
Another potential decision for which to seek counsel is with regard to whether or not to keep the house. Believe it or not, it’s not always in your best interest to retain the marital home. For example, will the home remain affordable after divorce? Will you be able to properly maintain the property?
What about other financials or assets? An attorney will be better equipped to help you determine the division of assets, including retirement funds. For example, it would not be an equal division for one party to receive $100,000 in cash from a checking account and the other party to receive $100,000 in retirement assets. Although each party is receiving $100,000, the party receiving pre-tax retirement funds is actually receiving less than $100,000 because said funds have not yet been taxed. Further, neither alimony nor child support is considered taxable income to the recipient parent and is NOT deductible for the payor spouse.
Going through a divorce is usually emotionally draining, but preventing it from also being financially draining is key. If you would like to speak to someone at Fernandez, Socci & Nieves Family Law, please contact (978) 681-5454 firstname.lastname@example.org.
About the Firm
For more information and to discuss your situation with an experienced family law / divorce attorney in North Andover, MA, please visit our website. To learn more about the U.S. News & World Report of Fernandez, Socci & Nieves Family Law, click here .