Mary Tran: Financial Steps in Divorce

As you prepare for a divorce, one issue you should be thinking about is how your finances will change as a result of your new situation. There may be some significant implications to your divorce, and it may take some planning to ensure you remain in good financial health. The following are some tips:

Work with a professional: Financial planning can be complicated, and you will likely benefit from the assistance of a financial advisor. These professionals will help you crunch the numbers, develop a budget, get a good sense of your obligations and establish a steady plan for the months and years ahead.
Get insurance on your child support: If you are receiving child support payments, it’s a good idea to take out an insurance policy on those payments, especially if there is any question as to whether your spouse will follow through. This will protect you in the event your former spouse misses payments.
Be careful with asset division: Just because you have sentimental attachments to some of your property does not mean you should try to get it all in the divorce. Certain pieces of property that are particularly valuable or expensive might put you into an impossible financial situation if you are still making payments on them. This is especially true for family homes and motor vehicles.
Consider your tax responsibilities: There may be some new tax implications you need to address after your divorce. Again, consulting a financial advisor may be a good option to make sure you have all your bases covered.

Why You May Want to Hire a Private Investigator in Divorce

In some situations, people who are going through a divorce decide to hire a private investigator to help identify marital assets and property and ensure they are receiving their fair share when it comes dividing this property. However, it’s important to keep in mind that there are limits to what an investigator can do for you, both practically and legally.

What an investigator can do for you

There are numerous ways in which a private investigator can help you during a divorce. The most substantial is in uncovering accounts or records of property you did not know your spouse owned. If you suspect your spouse is hiding a bank account or certain property, you should hire an investigator, as this information can play a major role in the property division process. A failure to disclose assets or attempts to purposefully conceal assets could result in you getting a larger portion of the assets divided.

Good private investigators are typically former detectives or forensic accountants. They should be licensed and experienced in their field.

What an investigator cannot do for you

There are some situations in which the use of a private investigator could cross the line and even be illegal. Investigators are typically not allowed to record phone calls, record video inside homes or spy on spouses in private. Instead, investigators must look at spending habits and review unusual activity in accounts. There are certain tell-tale signs investigators look for to indicate the presence of another bank account.

Free Consultation with Divorce Lawyer

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.