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Cox Padmore Skolnik & Shakarchy LLP remains ready to serve you during the COVID-19 pandemic. We are prepared to provide you with continuous legal service and uninterrupted communication. We are also monitoring the legal impact of COVID-19 and we are available to discuss any questions you may have regarding the CARES Act, insurance coverage issues, including business Interruption insurance, or other issues. Please see below for a list of our practice areas. You may contact us by the usual means of telephone and email, which is encouraged at this time. We will promptly respond. Video conferencing is also available. In all, our firm remains committed to assisting you throughout this evolving period of legal, business, and safety concerns.

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Addressing investment accounts during a high-asset divorce

| Oct 12, 2020 | Divorce

Investment accounts can come in a variety of forms and fashions, each of which may function in its own manner. As you navigate through life, there is a chance you may build up a significant portion of wealth along the way, and you could choose to use some of your assets to invest in the future.

Although you might be able to cover a variety of life scenarios while developing an investment strategy, some circumstances in life can be difficult to predict, let alone plan for. Should you find yourself facing the end of a marriage, you might be wondering about the role your investments may play in the process.

Topics to address

With a great deal at stake, there is a chance your investment accounts could have a significant bearing on the outcome of your divorce. Knowing some of the topics to address concerning investments could help you better prepare for what comes next, and some of these topics may include:

  • Financial awareness: Gaining awareness of and obtaining the value of all marital assets could prove vital to forming a strategy for negotiations, and this may include various investment accounts.
  • Tax repercussions: It could also be imperative to consider the possible tax repercussions involved with handling investment accounts during a divorce, as awareness of this could influence your decisions.
  • Rules and regulations: Knowing the proper steps to take when dividing investment accounts during or after a divorce could also help stave off potentially costly tax fees or penalties.
  • Updating information: Although you may feel it necessary to begin updating information on investment accounts as soon as possible, it may be advisable to wait until after obtaining a divorce decree to pursue the necessary changes.

Seeking insight on New York state divorce laws could also prove beneficial, as these laws could also have a substantial impact on your available options and on the decisions you make.

Looking to the future

It is no secret that going through the end of a marriage can be a stressful experience, and such a process could leave you facing a variety of difficult decisions. Finding ways to look to the future may help you achieve focus on what is important for moving ahead in life and helping place you in a better position to prepare for subsequent legal proceedings. Such preparation could prove essential to helping you seek the best outcome achievable as you prepare to enter a new chapter in your life.

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