Financial preparations useful in high-asset divorce

As someone with a considerable amount of wealth, you likely understand the importance of protecting your assets. You may have many safeguards in place relating to your business or other important financial endeavors, but you may not have fully planned for the effects one event could have: divorce.

Now that you and your spouse have decided to end your marriage, you may have concerns about how New York asset division laws will affect your current financial status. Having these concerns is wise because the outcomes of your divorce could affect your finances in significant ways.

Preparation is key

Though you may have professionals who handle certain aspects of your finances, you may want to ensure that you understand as much as you can about your financial situation. In some cases, financial professionals may make money moves on your behalf without informing you of each action they take. This arrangement may have worked in the past because you had no specific reason to worry about your assets. Now, however, you need to make sure you know what could be at risk during divorce.

The best way to understand your finances is to gather information related to them. When you know the assets you have, you can better determine which may count as marital property and which may count as separate property. This information may not come as easily as hoped, especially if you have complex assets like a business.

Don't forget your debts

While you may understandably want to focus on what you have and how you could work to keep your desired property, it is also wise to assess what you owe. Debt is also divisible during divorce, and forgetting this fact could result in a lack of preparation when it comes time to possibly negotiate who should handle which debts. Information on open accounts with outstanding balances can prove beneficial.

Property division and other aspects of your divorce case could put the state of your finances in a precarious position. Fortunately, you can work with your legal counsel to understand what assets may be divisible, how to protect your business and what tactics may help you negotiate for other property you may want to maintain. Though ending your marriage can be difficult on many levels, preparing for your case could help you feel more in control.

No Comments

Leave a comment
Comment Information

Hear From Our Clients

Mr. Skolnik and Mr. Gaboury have represented me on multiple cases over the past two years. They are dependable, knowledgeable, and professional. They provided high quality legal guidance for my small business during a difficult time and brought me a peace of mind. I highly recommend Cox Padmore Skolnik & Shakarchy as your legal business representative. -Anonymous

Read More Reviews

Contact Us

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Tap To Request An Exploratory Consultation

New York Office
630 Third Avenue
23rd Floor
New York, NY 10017

Phone: 646-355-1648
New York Law Office Map

Great Neck Office
98 Cutter Mill Road
Suite 310N
Great Neck, NY 11021

Phone: 646-355-1648
Great Neck Law Office Map

Hackensack Office
27 Warren Street
Suite 304
Hackensack, NJ 07601

Phone: 646-355-1648
Hackensack Law Office Map

Denver Office
1060 Humboldt Street
Denver, CO 80218

Phone: 646-355-1648
Denver Law Office Map