Spouse and Lawyer’s Role – Freeze Your Credit
As an attorney, your client’s personal financial information can be very sensitive. This is why a “role of lawyer” would typically describe any personal representative of the client who has access to or is consulted about legal matters. There are various “roles” that can apply to a lawyer and the most common is “client’s attorney.” As such, a bank account for the lawyer would be one of the most sensitive financial affairs for a lawyer.
A bank account for a lawyer involves a variety of responsibilities
First, it involves maintaining appropriate financial records. Second, it involves protecting client financial records from unauthorized parties, including third parties that may have access to the account such as business partners, family members, and financial consultants. Third, it also includes preparing all of the lawyer’s financial reports and paperwork as required by law. Lastly, it involves maintaining proper bookkeeping to ensure that the lawyer’s bank account for lawyer accurately reflects all of the lawyer’s financial transactions on the client’s statements.
When handling such a sensitive account
it is important to note that several precautions must be taken to make sure that the information maintained in the account is protected. First, a separate bank account for the attorney and client should be opened. This separation will provide a shield for any clients who may not wish for their information to be made public. Second, all checks issued out to the account should be done personally to prevent any possible misuse of the funds. Third, a copy of all of the attorney’s financial records should be maintained in the appropriate files.
If misuse of the attorney’s bank account for the lawyer occurs
several consequences could result. For example, the attorney’s client might face professional discipline by the bar, which could impact his or her ability to practice law. The account could also be frozen. If the account were to be frozen, the lawyer would lose access to all of the funds, which could severely harm the litigation process.
As previously mentioned
divorce can often be an emotionally stressful time. However, the risk of freezing an account without notice cannot be overemphasized. What if a situation arose during the course of the divorce proceedings that resulted in the freeze being implemented? What would happen to the litigation process? It is impossible to predict every possible situation that might arise during the course of the case, but keeping track of the legal fees and other expenses involved with litigation is essential to ensuring a fair outcome.
Keeping track of one’s financial assets
is not something that most lawyers consider to be important, but having a suitable account separate from one’s own is critical to ensuring that the lawyer has no concerns regarding potentially impeding the litigation process. Many lawyers will assign a spouse to handle the account, especially if they are closely related. Spouse and lawyer working together to create a trust is also an option when determining who will maintain the account. Regardless of the final decision, however, creating an individual account for the duration of the case is vital.