Protecting Your Assets During Your 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, that is not always the case. There are actions you can take during your marriage that can potentially change separate assets to marital property and subject them to equitable distribution.
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.
Tell us more about your asset protection issues by reaching out to Andrew A. Bokser. Please contact us online today to schedule an appointment.
What Is Asset Protection?
In New York, virtually all assets accumulated during your marriage are considered 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 initially presume 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 (such as those in a high-asset divorce case) that you wish to protect if your marriage should fail, then you should speak to an experienced lawyer as soon as possible.
Discuss Marital Property, Business Valuations And More
Whether you are concerned about family businesses, pensions or other asset protection issues, please discuss the facts of your asset protection case with attorney Andrew A. Bokser at our Brooklyn or Garden City law office. Call . Evening appointments are available.