On behalf of Cobert, Haber & Haber Attorneys at Law posted in Divorce on Tuesday, January 19, 2016.
New York residents who are considering getting a divorce may not realize just how costly the process can be. Not only are there potential attorney fees, the former couple may also have to divide certain assets that were obtained during the marriage. However, there are certain ways that those heading into divorce can protect their assets to reduce the amount of money they could potentially lose.
One of the biggest mistakes that divorcing couples can make is to not take into account future assets or non-cash assets. Pensions, start-up stock options and business interests could have an increased value in the future. Both spouses should also have investigators ensure that there are no hidden bank accounts and that both have the full picture when it comes to determining how much income each person earns. Further, taxes should also be considered as different assets will have different tax consequences.
Another mistake that some couples make is to use funds that are reserved for retirement to pay bills. This could potentially prevent both individuals from becoming impoverished in the future. Finally, getting very emotional assets can also create problems when it is time to divide property. Many people often overvalue their assets, which can potentially make settlements unfair or lopsided. It is best to have a professional evaluate the value of the property.
High-asset divorces can be particularly difficult when it comes to property division. An attorney can assist by protecting the person’s interests. In most cases, this means determining which assets are separate and the value of all of the marital assets. Once the total value is known, the attorney may work towards a settlement that allows the client to keep the assets that mean the most to them. If a client needs spousal support once the divorce process is finalized, the attorney can assist with that request as well.
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