At Zimmer, Mathiesen & Associates, our attorneys are adept at protecting assets of spouses who need to protect their assets during a divorce. When contemplating the commencement of a divorce action, it is important to open separate checking and savings accounts in your name alone. Once a divorce is filed, the other spouse is “cut off” from obtaining any assets after that date. Thus, it is important to ensure that you are not placing your current earnings in a joint account, as your spouse may claim that these assets are marital. Although you are still obligated to continue to the marital expenses (i.e. mortgage, utilities, etc.), the funds remaining should be put aside for you to use at a later time.
They are truly a unique law firm that was attentive to my every need and concern while my wife and I were going through such a difficult time. - Sammy G.
It is also imperative to ensure that you do not “commingle” any money that you receive from an inheritance or as a gift. Funds that are received by one spouse, even while married, through inheritance, as a gift, or from a personal injury award are separate property. It is imperative that these funds remain in a separate personal checking or savings account in your name alone, otherwise the Court may determine that these funds were “commingled” with marital funds, entitling your spouse to a portion of same. You should also make sure to inventory and particularly valuable items that belong to you which are family heirlooms or valuable antiques. If these items were received as a gift or through inheritance, your spouse is not entitled to a portion of any of these items. It is also important to note that upon commencement of a divorce proceeding “automatic restraining orders” go into effect immediately which state the following:
1. Neither party shall sell, transfer, encumber, conceal, assign, remove or in any way dispose of, without the consent of the other party in writing, or by order of the court, any property (including, but not limited to real estate, personal property, cash accounts, stocks, mutual funds, bank accounts, cars and boats) individually or jointly held by the parties, except in the usual course of business, for customary and usual household expenses or for reasonable attorney’s fees in connection with the action.
2. Neither party shall transfer, encumber, assign, remove withdraw or in any way dispose of any tax deferred funds, stocks or other assets held in any individual retirement accounts, 401k accounts, profit sharing plans, Keogh accounts, or any other pension or retirement account, and the parties shall further refrain from applying for or requesting the payment of retirement benefits or annuity payments of any kind, without the consent of the other party in writing, or upon further order of the court.
3. Neither party shall incur unreasonable debts hereafter, including, but not limited to further borrowing against any credit line secured by the family residence, further encumbrancing any assets, or unreasonably using credit cards or cash advances against credit cards, except in the usual course of business or for customary or usual household expenses, or for reasonable attorney’s fees in connection with this action.
4. Neither party shall cause the other party or the children of the marriage to be removed from any existing medical, hospital and dental insurance coverage, and each party shall maintain the existing medical, hospital and dental insurance coverage in full force and effect.
5. Neither party shall change the beneficiaries of any existing life insurance policies, and each party shall maintain the existing life insurance, automobile insurance, homeowners and renters insurance policies in full force and effect.
It is crucial that you have an attorney on your side to make sure that all of your valuable assets are protected, even during a divorce proceedings. Please contact one of our experienced attorneys at Zimmer, Mathiesen & Associates for a free consultation today to see how we can help protect all of your assets in a divorce. Call our office today at 631-493-0278 to schedule a free and completely confidential consultation.
After doing extensive research and my due diligence to find the right firm for me, Todd J Zimmer and Associates was 100% the right decision. I intially spoke with Todd who was sincere and sympathetic to my situation being I had a premature daughter and was heading into a custody battle. He said that his associate Stephanie Mathiesen would be representing me and assured me she is GREAT at what she does! I could write over and over praise for Stephanie, but for me the fact that my family and friends whom have stood by me during this difficult time have basically looked at Stephanie as a apart of my family instead of just being my lawyer. She has a passion and drive to do what is right for her clients, she has a amazing way of taking a hectic situation and pacifying it with out diminishing its seriousness. She has firey way about her and gets it DONE! She’s responds to all my emails and phone calls ASAP. All these stories and negative stigmas about attorneys are with out a doubt negated by Stephanie and the Zimmer Firm.
I can’t express enough how pleased I am with the services I received from Mr. Zimmer and his staff! This has by far been the most difficult period in my life. His caring demeanor and his professional staff made it so much more easier to deal with this awful period in my life. Mr. Zimmer was always there when I needed to speak with him. He took his time explaining the whole process step by step. He is such a hard worker and cares about his clients. He will fight for you and get you everything you deserve and more! I highly recommend Mr. Zimmer!
When dealing with the many unexpected twists and turns of a divorce, you need a law firm that is able to explain it all to you. Todd Zimmer and his staff were ever ready to respond to my questions and concerns. Todd emailed me himself on several occasions after 1 in the morning just to make sure I understood the next step. He walked me through the process, helped me feel at ease, and ultimately got me everything I needed in my settlement. He has even been available to answer questions and assist me after my divorce was finalized.
I just finished my divorce case and wanted to write a well deserved review for my lawyer, Todd J. Zimmer and his exemplary staff. They are truly a unique law firm that was attentive to my every need and concern while my wife and I were going through such a difficult time. Their attention to the details of my case, and ensuring I was well looked after 24/7 was a true illustration of the dedication of Mr. Zimmer and his caring staff, who each were beyond wonderful. There are not enough good words that can describe the care and professionalism that Todd. J Zimmer and his staff provide. Thank you Todd, as well as the rest of your staff for assisting me during such a chaotic time in my life. You delivered on everything you promised me and kept me grounded throughout my case. I also appreciated that while you were tough, you showed my wife great care and respect. I told you when we first met that was important to me and you never forgot. Thank you for everything!