Beware of your Financial Advisor During a Divorce: a Brokerage Firm May Refuse to Release Your Money After a Divorce
If you are getting a divorce, then you and your spouse will need to decide how to divide your marital assets. This is often a difficult task, since emotions between both parties run high, leading to mistakes in financial judgement. Consulting with an experienced attorney during a divorce can help you avoid some costly mistakes. There are many estate planning and investment-related issues that may arise during divorce proceedings. The right lawyer can help you develop a plan that reduces the amount of stress involved in the decision-making process.
Many divorcing couples use a brokerage firm to help them handle their assets and make investment recommendations. After a divorce is finalized by the court, and a financial agreement has been reached, the brokerage firm is obligated to comply with the court order. However, there are situations where brokerage firms can make decisions that negatively impact the lower income spouse.
For example, a brokerage firm may have a special relationship with the higher earning spouse and fail to release the money to the lower earning spouse after the divorce has been finalized. They will claim that they are neutral when they are not. They may hide behind what they say are rules and regulations guiding them. They may also claim that their reason for not releasing the money is that both spouses need to sign off for the transaction to take place.
How Can I Get My Money After a Brokerage Firm Refuses to Release It?
It is important for divorcing spouses to know that brokerage firms are obligated to comply with court ordered divorce agreements. The court orders have higher authority over the matter than the brokerage firms’ own “rules and regulations.” If you are in a situation where you are being denied access to funds after a divorce, then you should seek immediate legal counsel. Murrin Law Firm will help you hold the other party or the brokerage firm accountable and get you the money that you are rightfully owed or deserve. Sometimes it is a matter of tracing the money. Our firm is experienced in tracing assets.
Our Long Beach broker claims attorneys do this by applying pressure to the brokerage firm. Following FINRA rules requires a brokerage firm to fulfill the financial terms of a court ordered divorce agreement. We can help assure that this happens or we can obtain damages if it does not happen when appropriate.
While many brokerage firms use their financial power to intimidate lower income spouses and keep them from pursuing recourse, our broker claims law firm has experience pushing back and helping individuals aggressively pursue the money that they deserve. We will help you gather the documentation needed to prove that the brokerage firm acted illegally and was engaging in unlawful practices.
Hold Your Brokerage Firm Accountable by Contacting Our Attorneys for a Free Case Evaluation
Many couples use brokerage firms like Edward Jones and Charles Schwab to manage their money and financial investments. Hard working Americans place their trust in these brokerage firms and expect them to act in their best interests.If a brokerage firm is failing to fulfill their legal obligations after a divorce, then you should consult with a Long Beach broker claims attorney. Contact Murrin Law Firm today at (562) 342-3011 and schedule a free case evaluation. We promise to answer your questions and evaluate the details of your case.