When a New York couple with children separate, they must resolve several issues regarding their kids, as well as their property and finances. Both parties must fully disclose their assets and liabilities to one another. This is required under state divorce laws.
New York operates under equitable property division rules in divorce. This means that the judge overseeing a case will determine a fair, although not necessarily equal, division of marital property. The court will also divide the marital debt in the same manner. Under the law, spouses must provide documentation of everything they own or owe.
Financial resources you must disclose in a high-asset divorce
It’s important to understand the types of financial resources you must disclose when preparing for property division proceedings in New York. Some examples include:
- All income
- Assets from investments, as well as business or savings accounts
- Physical objects of value, such as artwork, jewelry or vehicles
- NFTs or cryptocurrency
- Insurance policies
- Credit card debt and other liabilities
If you earn additional income aside from your main employment, you must document it as well. This would include things like income you make by hosting an Airbnb or money you receive through alimony from a prior marriage.
Reviewing disclosure lists and formulating a property division settlement
Both spouses are entitled to scrutinize each other’s disclosure lists. If one spouse suspects the other of trying to hide assets, which sometimes occurs in a high-net-worth divorce, he or she can enlist investigative support from a forensics accountant or legal advocate, either of whom would know where to search to uncover a hidden asset scheme. Spouses may negotiate a marital settlement agreement or can ask the court to make decisions on their behalf. The court’s decisions are binding regarding property division or any other aspect of a high-asset divorce, including spousal support or child custody issues.