Your Value is Law

Day: December 5, 2023

Protecting Your Assets: A Guide to Property Division in Divorce

In New York, all assets accumulated during a marriage are considered marital property unless they are inheritances, gifts, or money received as compensation for a lawsuit. This is why keeping a strict inventory of separate property, backed by records and receipts, is crucial.

Protecting assets from creditors by re-titling them and avoiding illegal conveyances is possible, but this is best done before marriage.

Hire an Attorney

Your assets matter whether you are a high-income earner or a stay-at-home parent. If you have concerns that your marriage may eventually end in divorce, it’s wise to protect your assets before it’s too late. One of the best ways to do this is by entering into a pre- or postnuptial agreement. A divorce attorney Tampa can help you understand how your property would be divided if the marriage ends and help you put assets into trusts to separate them.

It is also a good idea to start compiling copies of all your family’s financial records, including bank statements, tax returns, and pay stubs. This is especially important if you suspect your spouse is trying to hide assets. In addition, an attorney can review any asset division agreement before it is finalized to ensure