When going through a divorce, you may feel like everything is on the line. Under New York’s equitable distribution approach, marital property is divided fairly. What that means in practice may be unclear if you do not know how to protect your assets during divorce in New York. The proactive steps you take to shield your most valued assets from the court process can position you for an outcome that protects what matters most.
Take Account of Marital and Separate Property
New York divorce laws require both parties in a divorce to disclose their financial information. Before an estate can be divided, the courts need to know both the size and value of the couple’s assets and property, as well as how they are divided under state law.
Marital property generally includes things like assets and debts that were acquired by either spouse during the marriage. Common examples include income, real estate, retirement accounts, and investments. For the courts, it doesn’t matter who initiated the purchase, only that they were acquired during the marriage, which also generally means before the separation.
Separate property includes things that are not subject to division. Examples include personal gifts, inheritances, and anything that was owned before the marriage. Separate property is owned outright by one spouse.
By taking careful account of these matters, you can ensure that the courts have accurate information to work from and that anything owned by you will not be split during the property division process.
Look for Signs That Your Spouse May Be Concealing Assets
During a divorce, it is critical to look for signs that your spouse may be concealing assets. Hidden accounts, sudden financial withdrawals, or unexplained expenses can indicate that money is being diverted to avoid a fair division of the estate. Watch for changes in account passwords, new bank accounts, or suspicious business transactions.
Some spouses may transfer property to relatives or delay bonuses until after the divorce. Reviewing tax returns, pay stubs, and investment statements can reveal inconsistencies. If you suspect that your soon-to-be ex is concealing assets, your attorney may use subpoenas, depositions, or forensic accountants to ensure a fair property division process.
Prepare for Negotiations by Setting Priorities
Before entering divorce negotiations, identify your top priorities and what you’re willing to compromise on. Decide which assets, such as your home or retirement savings, matter most to your future stability. Setting clear goals helps your divorce attorney focus on achieving favorable terms while avoiding unnecessary conflict and emotional decision-making during property division discussions.
Why You Should Hire a Divorce Lawyer
In divorce cases, having an experienced divorce attorney can make a significant difference in protecting your rights and assets. According to CDC data, New York’s divorce rate is about 2.4 divorces per 1,000 people, meaning thousands of couples face challenging property division cases each year.
With the average home value in New York State at about $508,764 and the average weekly wage at $1,833.63, the financial stakes in a divorce can be high. Property division, spousal support, and retirement accounts often become points of contention that require legal guidance.
When you hire a divorce lawyer, you gain support from an advocate who understands how to navigate New York’s equitable distribution laws and ensure all assets are disclosed and valued properly. A skilled attorney can negotiate fair settlements, prevent costly mistakes, and protect your financial interests throughout the process.
FAQs
How Do I Protect My Assets From Divorce in NY?
You can protect your assets from a divorce by carefully accounting for marital and separate property, looking for signs that your spouse is concealing assets, and working with an attorney who understands how to protect the properties and assets that matter most. Negotiations provide an important opportunity for you to make concessions in some areas to gain an advantage in other parts of the estate settlement process.
Why Is Moving Out Potentially a Big Mistake in a Divorce?
Moving out in a divorce can compromise your claim to a home. If the house was bought during the marriage, it belongs equally to you and your spouse. You have every right to remain in your home unless a judge orders you to leave. Before making important decisions, contact your attorney and listen to their advice on whether to stay in your home or not.
What Assets Are Untouchable in a Divorce?
Separate property is untouchable in a divorce. In the eyes of the state, anything that was acquired during a marriage belongs equally to both spouses. This is why marital property is subject to division during the divorce process. Separate property includes things like gifts, inheritances, and anything that was owned prior to the marriage. These assets and properties are untouchable in a divorce.
What Happens if My Spouse Conceals Assets?
If your spouse conceals assets during a divorce, it can seriously affect how property is divided. New York law requires both parties to fully disclose their finances. When hidden accounts, undervalued assets, or false statements are discovered, the court may impose penalties, order the transfer of assets, or reopen the case. These matters are taken seriously by the courts.
Protect Your Assets by Contacting Trotto Law Firm, P.C., Today
Since 2009, couples going through a divorce in the Greater Rochester area of New York have relied on Trotto Law Firm, P.C. to protect their most valued assets. Our law firm understands that every case is unique, which is why we never take a one-size-fits-all approach to handling divorces. Once our legal team learns about your situation and goals, we formulate a strategy tailored to the specifics of your case.
When you work with our law firm, you gain representation from an attorney who has been recognized as a Super Lawyer Rising Star for 10 consecutive years (2014 to 2024). While we take steps to avoid extensive litigation or trial, we also understand that some cases require decisive action to protect your rights. Contact Trotto Law Firm, P.C., today to schedule your consultation so we can protect your property rights.
