Asset Protection in the Event of a New York Divorce
Most people assume that the assets they owned before their marriage are theirs to keep and will not have to be divided with their spouse in the event of a future divorce. However, this is not always the case. There are things you can do during your marriage that can cause your assets to become marital property.
Before your marriage, you can protect your property rights through a prenuptial agreement. However, even after your marriage there are things you can do to protect your separate property rights in the event of a future divorce. Attorney Andrew A. Bokser can guide you through the process. With offices in Brooklyn and Garden City, he represents clients in family law cases throughout the New York City area, including Nassau and Suffolk counties.
What is Asset Protection?
In New York, all assets accumulated during your marriage are marital property with three exceptions: gifts, inheritances and money received from a personal injury lawsuit. However, just because an asset is separate property doesn't mean it will stay that way.
- New York courts will generally rule that all assets you own at the time of your divorce are marital property — unless you can prove otherwise. Therefore, you need to keep a strict inventory of what you own and when you bought it, backed up by receipts and other records.
- If your spouse contributes to a separate property asset such as a home or a business, then your spouse may be entitled to a percentage of that asset.
- If you commingle separate property assets with marital assets, then all of the assets may become marital property.
- If you place your spouse's name on the deed or title of an asset such as a home, then the court may consider that to be a gift of half of your rights to that asset to your spouse.
If you have significant assets that you wish to protect if your marriage should fail, then you should speak to an experienced lawyer as soon as possible.
Discuss Asset Protection with Family Lawyer Andrew A. Bokser
To discuss the facts of your asset protection case with attorney Andrew A. Bokser at our Brooklyn or Garden City law office, call 718-834-1904 or fill out our contact form. Evening appointments are available.
