Although divorce can be a highly emotional process, it’s also a major financial transaction. New York is an equitable division state, which means that marital assets are divided fairly amongst the parties, which rarely means that those assets are divided equally. This raises two important questions that everyone who is going through a divorce has to answer: what counts as marital property and how should that property be divided? While the answers might seem somewhat easy to answer, things can get more complicated than expected when you suspect that your spouse has been hiding assets from you.
Don’t overlook the possibility of hidden assets
Those who recognize that marriage is a major financial transaction with major ramifications for their future choose to stash money and other assets out of their spouse’s view. Money might be stored in other bank accounts that aren’t disclosed during divorce proceedings, vehicles and property might be re-titled into the name of a friend or relative in hopes of removing those assets from the marital estate, and assets can be squandered away before the property division process is finalized.
Each of these tactics are unacceptable, but the sad thing is that you may not even know that it’s happening until it’s too late. You might never find out. That’s why it may be important in your divorce to conduct a thorough investigation into your marital assets. This might include the use of a forensic accountant who knows how to follow paper trails and spot red flags as they pertain to hiding marital assets.
Be prepared to stand up for yourself and your financial future
Far too many people want to rush through their divorce so that they can put a bad part of their life behind them. That’s understandable, but it can have very real and very large financial implications. That’s why it might be best for you to slow down, be diligent, and ensure that you know what you’re working with before you proceed with your divorce settlement negotiations. Fortunately, you don’t have to go through the process alone, as qualified legal professionals stand ready to assist you and advocate for you every step of the way.