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.