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Lake Grove Family Law Blog

How to legally protect your assets from your ex during divorce

Even in the most amicable of divorces, no spouse wants to see the other receive more than a fair share of marital property or assets that have emotional value. In an effort to protect property and avoid a spouse from accessing every scrap of money, some people decide to take the illegal route of hiding assets.

If you feel tempted to do this, be aware that the consequences of hiding community property can be more severe than your spouse receiving it. Instead, try one of these legal ways to retain assets that are important to you and ensure you get an equitable division.

Prenups may prove handy when it comes to property division

Though getting married can be a wonderful step in a person's life, letting the idea of a happily-ever-after cloud someone's judgment could prove detrimental. Rather than quickly saying "I do" and moving on, individuals may first want to consider how the marriage will affect their lives and, maybe more importantly, what impacts divorce could have. Because property division and other proceedings can cause considerable upset, New York residents may wish to consider prenuptial agreements. 

Though a situation in which a wealthy older man is trying to protect his assets from a younger woman may come to mind when thinking about such agreements, prenups can prove beneficial to both parties. Especially now that individuals are marrying at older ages, prenups can help protect premarital assets that either party brings into the marriage. Assets from homes to retirement accounts could be covered in the agreements. 

Communication issues may put New Yorkers on the road to divorce

It is not uncommon for individuals to sometimes have trouble opening up about their problems. Many New York residents may prefer to avoid issues rather than risk the vulnerability associated with open communication. However, if spouses choose to avoid open discussions about marital problems, the relationships could quickly break down and head for divorce.

It was recently reported that a lack of communication could be a significant contributor in divorce cases. Specifically, giving a spouse the silent treatment or stonewalling after an argument could prove especially negative as it prevents the possibility of dealing with the issue. It was also noted that contempt, criticism and defensiveness make up the other top three spots when it comes to communication issues in marriages.

Be wise during divorce, gather financial records ahead of time

After deciding to end a marriage, individuals in this situation may have a long road ahead of them. The process may seem even more intimidating if one of the parties involved has a tendency to create conflict. When dealing with this type of personality, getting ready ahead of time could save New York residents time and trouble when divorce proceedings get underway.

In some cases, individuals may try to create issues by withholding information. Therefore, parties may want to gather documents as soon as possible, especially those concerning finances. Financial aspects often play a significant role in many areas of divorce, and having that information may prove crucial when it comes time to negotiating for property, alimony or child support.

Understanding personal finances offer divorce benefits

While money can play a considerable role in a person's life at any time, finances can become particularly important when a marriage is coming to an end. Between needing to understand what assets exist, how an individual may be affected by certain outcomes and what divorce proceedings could have the most significant impacts, financial knowledge could become a lifeline. As a result, many New York residents may want to understand how to better prepare for their cases.

First of all, parties may want to to start off by knowing what they have. This means that they may need to take stock of any financial accounts they have, their spouses have and how those accounts may be shared. Additionally, the type of account could also be of importance as dividing stocks, for example, could add a layer of complexity to property division if such assets exist.

New York children may benefit from shared child custody

Going through divorce with children can pose many difficulties for New York parents. Certainly, the idea of continuing a life that allows the children to grow and flourish is often desired, but sometimes coming to child custody terms can prove challenging. When going into this endeavor, parents may want to consider how parental relationships with kids can impact their well-being.

It was recently reported that research results have shown that children tend to see less negative impacts from divorce when parents share custody. When children are able to have strong relationships with both parents, they seem to experience less stressful outcomes than if they only spend the majority of their time with one parent. In fact, children involved in the study who were in shared custody arrangements showed fewer psychological impacts.

How to uncover hidden assets in a divorce

In a New York divorce situation, things can get very strained. People are not above stooping to illegal measures to cause their soon-to-be ex-spouse pain. One way many people do this is through hiding assets so their spouse cannot get access to them. This is illegal, and it also is difficult to prove.

There are many ways a spouse can hide assets. Money can be transferred to overseas accounts or assets can be sold and the money hidden. If one spouse has not been active in managing household finances, it makes it even easier for the other spouse to hide money or assets and take advantage of the situation.

Mindfulness may help during New York divorce proceedings

It is no secret that even under the best of circumstances dissolving a marriage can prove stressful. As a result, many individuals often dread facing the legal proceedings that come along with such a process. However, with the right actions and preparations, New York residents may be able to reduce the amount of stress they face when going through their own divorce proceedings.

First of all, parties may want to remain mindful of their actions during this time. Questionable behavior can often be used against individuals, especially when divorce proceedings are contentious. One person may cite the other party's actions as an attempt to undermine certain arguments or in hopes of using those negative actions to achieve a more favorable settlement outcome. However, if individuals remain aware of their actions and work to keep potentially questionable actions to a minimum, there may be less chance for such situations.

Discussing divorce may be pragmatic, not unromantic

It is not unusual for many New York residents to discuss the idea of marriage before actually going through with the process. However, fewer individuals seem to be as keen on the idea of discussing divorce as a future possibility. Though this discussion may seem awkward to slide in among the talk of wedding venues and caterers, preparing for the possible end of a marriage may be prudent.

Apparently, more individuals in the millennial generation are taking the time to discuss prenuptial agreements. This willingness seems to come from the fact that many people in this generation tend to tie the knot at an older age. As a result, they often already have businesses, savings and other assets that they would like to protect in the event of divorce.

How does income affect a custody case?

For high-asset earners entering divorce negotiations, many anxieties might arise. You may feel concerned about maintaining your property and protecting your future, but if you have kids, they will undoubtedly be your top priority. Of course, income will be a major factor in your divorce so you may be wondering how it will affect any custody arrangements you are entering.

While it may not have a direct impact on the custody outcome, it can affect other facets of your case. It is important to understand exactly what role income plays in divorce and custody arrangements, and this is particularly true for any individual with high income or assets.

We can help. email or call (631) 615-1724 to schedule a free consultation today.

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Divorce: a Practical Guide

Divorce: A Practical Guide

Attorney Jusino’s new book on divorce is an easy read and full of valuable information. Learn More