How to Protect Assets Before Divorce

Filing for divorce in New York significantly affects your assets.  Under our state’s equitable distribution laws, all property and debts that you and your spouse accumulated during the marriage are subject to a fair, although not necessarily equal, division.

Navigating asset division requires understanding the difference between marital and separate property, but is there anything a divorce lawyer at Colwell Law may do to protect your family’s finances? The quick answer is absolutely.  Keep reading to learn more.

A Divorce Lawyer May Identify Separate vs. Marital Property

A savvy New York divorce lawyer would identify separate vs. marital property by examining the timeline of acquisition, the source of funding, and how assets were managed during the marriage.  Under state law, separate property generally remains with its original owner, while marital property is subject to fair division.

Conducting Forensic Investigations Is a Fundamental Step

If you suspect your spouse is hiding money or undervaluing assets, qualified family law attorneys would use the legal discovery process to uncover hidden revenue streams or offshore accounts.  We may choose to utilize formal legal tools like subpoenas, depositions, and interrogatories to gather tax returns, bank statements, and corporate ledgers.  Then, our team leverages these tools in three (3) primary ways:

1. Collaborate with forensic CPAs to conduct a deep-dive financial analysis.
2. Serve Court orders directly to third parties, such as financial institutions, employers, and tax agencies.
3. Depose the opposing party under oath, locking the spouse into a specific financial narrative in order to prove perjury or catch inconsistencies.

A Family Lawyer Accurately Values Assets and Prevents Dissipation

To prevent you from getting shortchanged, experienced legal teams coordinate with appraisers to accurately value complex assets.  Whether you own a business or luxury real estate, the goal is to offset these assets fairly.

Attorneys also ensure that the automatic orders in New York are enforced.  These regulations legally prohibit either spouse from hiding, transferring, or drastically reducing the value of marital property while the divorce is pending.

Protect Assets by Drafting Marital Agreements

If you are still married, a skilled divorce attorney may draft a post-nuptial agreement. This contract would legally protect specific assets, define separate property, and outline each party’s financial responsibilities before a divorce.

This agreement shields specific wealth from New York’s equitable distribution laws, while capping exposure for businesses, inheritances, and real estate. It may also provide a predefined framework for spousal support to bypass often lengthy and costly litigation.

Let Us Help You Protect Your Assets Before Divorce

If you are concerned about shielding your assets before divorce, you came to the right law firm for answers.  Our team of compassionate divorce lawyers at Colwell Law is dedicated to protecting your family finances and planning your pre-divorce strategy.

While it is never too late in the divorce process to speak with our team about your assets, your options change significantly after you file. Reach out to our office now to learn how together we may take aggressive steps to protect your financial future.