The financial challenges involved with divorce are often some of the most difficult to deal with for people in New York who decide to end their marriage. From disentangling complex marital assets to attempting to make a new start with solo finances, dealing with property and funds during divorce can be some of the most contentious issues. However, there are several actions that people can take in order to help protect their assets during this time.
New York estranged couples should be prepared for how their taxes will be affected once their divorce is finalized. Understanding the impact it can have on their tax situation can help them avoid agreeing to divorce settlement terms that can cost them in the future.
Divorcing spouses in New York may find the end of their marriages to be a challenging time in both personal and practical contexts. Ending the emotional involvement of a marriage after a long, intense relationship can be particularly difficult, and these challenges can only be exacerbated in the case of high-asset divorces that involve complex assets.
Couples in New York who are getting a divorce might need to separate their finances. This may require cooperation with a spouse. For accounts that are in both names, if one spouse falls behind on the bill, the other spouse's credit may be hurt.
If a New York spouse took money out of a joint account and put it into another account in his or her name only, the money may still be considered marital property. Even if that were not the case, a judge would likely not let the person keep all of that money. However, it may mean that the person is looking to get a divorce or is otherwise not invested in the marriage.