Plumides, Romano, and Johnson, PC

Plumides, Romano, and Johnson, PC

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Tips for protecting finances in a divorce

April 3, 2018

When Charlotte couples are getting a divorce, they might need to take steps to protect their finances. If a person is leaving an abusive relationship, there may be extra steps such as securing any valuables. Even in non-abusive relationships, people should document valuables by getting copies of information on accounts and photographing any valuable objects.

People who do not have an income at the time of the divorce will also need to take certain steps. For example, they may need to get job training. They should familiarize themselves with household finances and understand what pension and retirement accounts are worth.

People might want to close any joint accounts, including credit card accounts, and open individual ones. Another consideration for some people might be saving up several months’ worth of expenses before filing. People should avoid using credit cards at this point and might look into credit reports for both spouses. One spouse may have accounts open the other does not know about, and these may appear on the credit report. Getting a post office box might be a good idea in some cases so people can have financial or other sensitive information sent to them without the spouse finding out.

In a high-asset divorce, there may be additional issues. The couple may own complex investments, and one or both might own a business. Certain assets, such as collections that must be appraised, could introduce complications if each person’s team offers significantly different appraisals. Businesses may need to be valuated as well and might need to be sold, or one person may need to buy out the other. There could be attempts to conceal assets using offshore accounts and shell companies or simply under-reporting income like bonuses.

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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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