Plumides, Romano, and Johnson, PC

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Divorce and protecting one’s finances

March 12, 2018

North Carolina residents should take the necessary steps to protect their finances from the effects of a divorce. There are certain actions they can take before and during a marriage to ensure that their financial future is stable if their marriage ends.

A key part of protecting one’s finances is to make sure that important assets remain separate property. In addition to facilitating estate planning, maintaining separate property allows both parties of a married couple have more control over to whom their assets are distributed after they die.

One way to maintain separate property is to have separate financial accounts. While many couples like the convenience of having joint accounts to manage joint expenses, it is advisable for them to open brand-new accounts together instead of amending existing accounts by adding a partner. If funds have already been combined, new accounts in the appropriate party’s name should be opened if they receive an inheritance or gift. Separate accounts should also be used to handle expenses for assets that belong to just one party.

Individuals should take care with how they handle their real estate assets. Adding a spouse’s name on a deed can result in that spouse’s children becoming co-owners with the surviving spouse if their parent dies. Real estate that is separate property can also be converted to marital property if joint funds are used to pay for its maintenance, remodeling or the mortgage.

An attorney who practices divorce law may work to ensure that a client is able to retain the assets they need to be financially stable after a divorce. Litigation might be used to obtain favorable property division terms in high-asset divorces. The attorney may assist clients who are engaged with creating a prenuptial agreement that can protect their assets if a divorce occurs.

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What our clients are saying

Mr. Romano is an amazing family law attorney.  He has been my attorney for over 5 years and I have never been disappointed.  His experience and expertise in Family law, in my opinion, supersedes all others in the field.  Mr. Romano and his team are very knowledgeable, thorough, professional, and personable. I highly recommend Mr. Romano and his team without reservations. If you're in need of a Family law attorney, Mr. Romano is your guy!
-Ivette C
You never know all the questions you should ask so it was a blessing that they listened and provided plenty of recommendations as well as assisted with claim, deeds etc. They know what to expect and provided a service without being pushy and will go at a pace you want and explain the laws so that you can understand all the legal speak.
-Paul S

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You deserve to have a skilled legal advocate on your side who will protect your best interests. We will do just that.

To schedule a consultation, please call our office in Charlotte at 704-333-9900, or contact us online. Plumides, Romano & Johnson

2115 Rexford Road, Suite 320 Charlotte NC 28211
704-333-9900
704-358-0536

 

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704-333-9900
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2115 Rexford Road, Suite 320 Charlotte NC 28211

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