How Do I Protect My Assets During My Matrimonial Dissolution?

Matrimonial dissolution is an emotional legal matter that is complicated by financial issues such as the division of property, alimony, and child support. The process alone can set you back financially, but the aftermath can make identifying your assets and liabilities confusing. If you are going through financial hardship due to your matrimonial dissolution, read on to see how a seasoned certified public accountant at Werdann DeVito LLC who specializes in litigation and consulting services can help you specify your assets and liabilities.

How do I manage my assets and liabilities after my matrimonial dissolution?

A matrimonial dissolution can indirectly hurt your financial stability through events such as spilling up joint bank accounts. Doing so leads to your individual assets and liabilities being muddled, and even your credit score being lowered.

To prevent such financial distress, if possible, maintain a civil relationship with your former spouse during the dissolution process to avoid any pitfalls with your finances. This will allow you to work together to pay off and close existing joint accounts. Specifically, you will be able to document any and all financial obligations incurred during the marriage (mortgages, credit card accounts, medical bills, student loans, etc.), and outline what you owe for each account, whose name is on the account, and whether any of them are past due. If working amicably to pay off joint bank accounts together is not possible, convert them to individual accounts and designate them accordingly.

Additionally, it is critical that you negotiate with lenders for a modified payment plan until you get back on track. This is important because your divorce decree has limited power when it comes to your agreements with lenders and creditors. In other words, a divorce decree may specify who is responsible for accounts opened during the marriage, but it does not break contracts with lenders. If your spouse is unable or unwilling to pay what they are responsible for and the contract has not been changed by the lender, the late payments will still appear on both credit reports and will have a negative impact on the credit score of both you and your spouse. And overall, you should be monitoring your credit reports frequently.

Although all of the above actions can be taken independently, you should not have to go through this process alone. It is in your best interest to seek the services of one of the knowledgeable certified public accountants at Werdann DeVito LLC who will assist you with protecting your assets and managing your liabilities through your matrimonial dissolution.

Contact our experienced New Jersey firm

Werdann DeVito LLC is an experienced Certified Public Accountant firm serving clients throughout New Jersey with all of their financial needs. If you need quality assistance with accounting, tax, or consulting services, contact Werdann DeVito LLC today.