The end of a marriage can be a stressful and daunting experience for everyone involved. If you and your spouse decide to take separate paths moving forward, you may have concerns about how your current circumstances could affect your future.
While you may be eager to open a new chapter in life, rushing through a divorce can be detrimental in numerous ways. The process of property division will have an impact on your finances, and taking the time to identify and value all marital assets can not only help prepare you for negotiations, but it may also help uncover any assets that you might be unaware of.
Uncovering hidden assets prior to divorce
Any assets that remain hidden may not be subject to the division of property, which could keep you from rightfully obtaining all of the marital property to which you are entitled and could drastically impact your financial future. Chances are, you will likely wish to uncover all marital assets before entering the process, and some ways to do so could include the following:
- Check tax records: One of the first steps to uncovering hidden assets is to research recent tax filings, which can help you gain an understanding of you and your spouse’s financial situation and unearth any inconsistencies.
- Obtain financial documents: Obtaining documentation of checking and savings accounts is advisable, and may help you track all transactions and discover any unusual or unexpected purchases or expenses, which can be a sign of financial infidelity.
- Loan applications: If your spouse has a loan on record, his or her application may also include a list of assets, and checking this against your own list could prove exceedingly beneficial.
- Unexplainable debts: In some cases, a person might attempt to hide assets by giving money to an acquaintance under the guise of paying a debt, only to reacquire the amount following the divorce.
Undertaking such a task on your own could prove somewhat challenging, and it may be in your best interests to speak with someone with experience in handling such intricate matters for assistance in navigating the process.
Chances are, you probably wish to identify all marital assets prior to your divorce in order to ensure the outcome is fair and that your future best interests are protected. However, you may be feeling somewhat intimidated by the process, potentially prompting a need for guidance. By speaking with someone with extensive knowledge of New York state divorce laws, you could obtain advice and support throughout the entire divorce process, which may in turn help increase your odds of achieving the best outcome possible during subsequent legal proceedings.