The financial challenges involved with divorce are often some of the most difficult to deal with for people in New York who decide to end their marriage. From disentangling complex marital assets to attempting to make a new start with solo finances, dealing with property and funds during divorce can be some of the most contentious issues. However, there are several actions that people can take in order to help protect their assets during this time.
When people go through a divorce, opening personal bank accounts is a useful first step toward establishing an independent financial identity. Many couples have only joint accounts, and by creating personal checking and savings accounts, both parties can begin to separate their finances. These accounts must not be used to hide marital assets but rather to openly begin separating them. Similarly, it is very important to close joint credit accounts, including credit cards and lines of credit. All marital debts will need to be separated during the divorce settlement, and the process will be made easier if the two parties begin to divide the accounts among themselves. In addition, it is important that these joint accounts not accumulate further debt before marital assets are divided.
Whether the divorcing couple has modest means or complex investment accounts, disentangling the finances of a marriage can be difficult. In order to ease the process, keeping photographs and detailed records of investment accounts, retirement funds, valuables and other key assets are very important for the settlement process.
People who are going through the end of a marriage have many complex emotional and financial issues to address. A family law attorney may provide advice and representation in high-asset divorce negotiations and family court to protect one’s assets. The attorney may help negotiate for the client’s interests in property division, child custody and spousal support.