If you divorce late in life, you probably have a lot of assets you want to protect. New York follows equitable distribution law, so you cannot predict how the courts divide your property. However, there are ways to take some control of your finances and improve your chances of a better ruling.
Continue reading to learn more about protecting your assets during divorce. Everyone loses something when a marriage ends. However, if you do not take action, you stand to lose much more.
Take inventory
The first step is creating a list of your separate and marital assets. Individual assets include any property you acquired before the marriage. You need proof that certain purchases are not eligible for division during the court proceedings.
Close joint accounts
Once you know, the marriage is over, close all joint bank accounts. Unfortunately, not everyone acts in good faith, which is especially true for divorce. Any funds you have in mutual savings accounts technically constitute joint property.
Document your liabilities
Start compiling credit reports and bank statements for all your marital property. Compile a list of liabilities, including mortgages, car loans, credit cards and retirement accounts. Consult with a lawyer to figure out how to protect your retirement savings and other investments.
High-asset divorces can be much more complicated than uncontested or simple divorces. You cannot predict how much your spouse might receive once the divorce concludes. Keep careful records of all your joint assets, and establish separate property that will not go to your spouse during property division. Preparedness is the best way forward.