Getting ready for your divorce is a crucial measure to take; you should feel fully prepared mentally, emotionally, and physically for what you are about to go through. One of the main aspects that should be ready to go is the preparation of your assets and resources. Ensuring that you have taken every precaution possible to prepare your assets for the divorce can help you better protect what is yours. Here are some steps to take to get your assets ready for what’s to come.
Understanding New York Asset Division
One measure you can take when preparing your assets for divorce is to understand how New York law mandates property division during a divorce. New York operates under an equitable distribution property, meaning that a judge will fairly divide marital assets. Fairness is determined by several factors, including the length of the marriage and each spouse's income both before and during the marriage.
Marital property is defined as property acquired by either spouse during the marriage. A judge will only determine the division of marital property; property acquired by either spouse before the marriage, also known as separate property, does not get divided in the divorce.
How to Divide Up Your Assets Into Separate and Marital Property
Once you have a better understanding of how New York property division works, you can protect yourself and your assets by going through what you own and list out your assets, classifying them as either marital property or separate property. What you determine as separate property can be set aside and give you a clearer picture of assets you should walk away with when the divorce is finalized.
We recommend working with an attorney that is capable of helping you determine your assets to help you better prepare for your property division prior to finalizing the divorce.
Accurately Value Your Marital Assets
Once you have determined what assets are considered marital property under New York law, you should consider having an expert come in and value what you own. No matter the complexity of your assets, whether you own a business, a stock portfolio, or other investments, having an expert research the value of your assets provides you with a better chance of walking away with an equitable share of the marital property.
For example, say that you own a large stock portfolio that ultimately will be divided in the divorce. By hiring an expert to sit down and review your stock options and their current values, they can help you gain a better understanding of how much of your investment you could receive in the divorce.
Keep an Eye Out for Financial Misinformation
By taking the time to list out and evaluate the worth of the marital property, you also reduce the risk of fraud being committed in the divorce. There are instances where people will try to hide assets from the divorce in order to walk away with assets they choose to protect. This action is illegal and has serious consequences.
Knowing what your marital property is as well as how much it is worth can keep you informed in the event you sense that misinformation regarding your marital assets may be spreading. Because you prepared, you have evidence to use if accusations regarding finances are made.
Work with Your Attorney
Most importantly, it is crucial that you hire an attorney with experience handling New York divorces and property division cases. Knowing that you have a team by your side guiding you throughout the process and helping you prepare for your case can give you greater peace of mind. At Friedman & Friedman PLLC, Attorneys at Law, we understand that your assets are important to you and that you want to be awarded as much as possible in your case. Our team is ready to help you work through the divorce process to earn a favorable outcome.
To schedule a consultation with our New York attorneys, call us at (516) 688-0088 or visit us online.