How to Protect Your Assets During a Divorce in NYC
How to Protect Your Assets During a Divorce in NYC
Divorce in New York can be stressful enough but when you couple that with splitting up assets it can be a lot to tackle. Not only do you have to be concerned about splitting up assets, but you also have to be concerned with how to protect your assets in a divorce. A New York divorce mediator shares how to protect your assets during a divorce in New York City.
Understand the Difference Between marital Property and Separate Property
Marital property pertains to any assets or debts that were acquired during the marriage. Marital property is able to be divided up in a divorce.
Separate property pertains to property that was owned prior to the marriage. It can also pertain to property that may have been received as a gift or inheritance. Separate property for the most part is not usually divided in a divorce.
One of the Best Ways to Protect Your Assets During a Divorce is Through a Prenup or a Postnuptial Agreement
A prenuptial or postnuptial agreement outlines how the assets and debts will be handled in the event of a divorce.
Consider Having Separate Accounts for Any Premarital Assets or Any Inheritance Funds
This is important to keep them from being commingled with marital assets so that it is easier to distinguish the origin of these assets.
Keep Track of Accurate Reporting and Records of any Assets that Were Required
Keep records of what the dates were and where the funds came to pay for these assets. Furthermore, make sure that you or keeping any inheritance documentation handy when needed.
If you're not sure about the value of particular assets such as paintings or real estate or even a family business; go to an appraiser to get an appraisal for your assets. Getting an appraisal will help your assets from being undervalued during the divorce process.
Keep an eye on any joint bank accounts that you have to make sure that there are not any unauthorized transactions or withdrawals. You should also keep an eye on your credit card accounts to make sure that there are not any unauthorized or large purchases that you're not aware of.
What to Do If You Suspect Your Spouse May Be Hiding Assets in New York?
Do your homework if you are suspicious that your spouse may be hiding assets. You might consider utilizing these systems of a forensic accountant who may be able to uncover any discrepancies.
Have Questions About Protecting Your Assets During a Divorce?
Call Sabra Law Group to speak to a knowledgeable New York divorce lawyer who can guide you on how to prepare for divorce and protect your assets in New York City. Call Sabra Law Group at (646) 472-7971.
