If you and your spouse are considering a divorce, you might be wondering what assets will go to whom. Matters become even more complicated when high-value assets are on the line.
Anything from real estate partnerships to business interests can bog down a divorce proceeding when it comes time to divide marital property. On top of this, one simple misstep can put your belongings in jeopardy. This is why foresight and preparation are so crucial.
When you file for a divorce in New York, the court will automatically freeze most of your assets, including items that you do not share with your spouse. The court will only make exceptions for usual household needs, lawyer’s fees or typical business activity. Because valuations of complex assets can take time, you may go a long period without much financial freedom. Therefore, you must make the necessary transactions before you bring your divorce to court.
There are many things the court will consider when it divides your marital property. Your income, age and health will play a big role in what the court thinks you need, and the same goes for your spouse. The court will also assess how wasteful you or your spouse might be with your belongings. Your conduct is important as well; any semblance of wrongdoing may influence the court to give more to the other person.
No matter how badly you want to get your divorce over with, rushing matters can lead to long-term consequences. However, by taking your time and paying attention to every detail, you may be able to protect your wealth and put this situation behind you.