Managing your finances when you’ve been accused of a crime is a notoriously difficult and stressful thing to do. The financial impact of having to go to court and defend yourself is significant, and you can face costs including asset freezes, bail, and legal defence.
The purpose of this post is for general information only. It’s not legal advice. With that said, here are some tips for managing your finances when accused of a crime.
Hire a qualified defense attorney
Your number one priority should be to hire a defence attorney. Yes, they’ll cost some money, but they can also save you a lot of costs in the long term, especially if you’re facing high penalties for any crime that you’ve allegedly committed.
If you can’t afford a defence attorney, you can sometimes apply for a public defender. This is a person who will defend you on your behalf and may ask for no payment at all or arrange payment plans for you over the following months if you are allowed bail.
Budget for your ongoing expenses
While all this is going on, you’ll still need to budget for your ongoing expenses. For example, you’ll want to budget for things like your emergency fund and cutting out all of your non-essentials. If you can prioritize your rent and mortgage, food and utilities, and that’s a good idea, you should be able to preserve your credit rating.
Also focus on maintaining your income. Sometimes a criminal case can lead to you being suspended or sacked from your job. However, if you’re employed, discuss leave or remote work – don’t quit unless it’s absolutely necessary, because you always want a job to go back to afterwards.
Also look for opportunities to avoid high-interest debt – even if you’re tempted to use payday loans, try to avoid that particular avenue.
Protect your assets from forfeiture
Protect yourself against forfeiture and seizure. Governments will sometimes freeze or seize assets depending on the case against you. However, you do have rights, and you are able to defend against this.
Don’t transfer assets suspiciously. If you do that, it could count as concealment. Also, challenge property seizures where possible. Attorneys can help you fight back against seizures as long as you apply in time. If you can put assets in pre-existing trusts or separate accounts, that can help as well. This is best done legally and in advance to protect any assets that you might have.
Plan for long-term consequences
Of course, whenever legal cases are involved, there is a risk of long-term consequences. For example, you might face fines, or you may have to pay restitution to an alleged victim, but there might also be impacts on your ability to find a job or obtain credit. Governments may deny you benefits depending on your situation.
Fortunately, you can sometimes reduce the risk of these with early negotiation. Plea deals may protect you in some circumstances. Just ensure you’re tracking everything and communicating with other stakeholders effectively. If you need an immediate guide for financial decisions, then talk to an attorney; they can usually guide you through the situation.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)