How to Protect Your Assets During a Divorce in Saratoga

Divorce is a difficult and emotional process, often filled with confusion, uncertainty, and concern over what will happen to your financial future. If you are in Saratoga and facing a divorce, it is natural to feel overwhelmed as you navigate through the complexities of dividing your assets. Whether you have worked hard to build up your savings, own a home, or have a retirement account, the question on your mind is likely how to protect what you’ve earned and worked for during your marriage.

Jean M.
Mahserjian, Esq.

Of Counsel

 

Ashley
Mahserjian, Esq.

Managing Attorney

Joe
Capisciolti, Esq.

Associate Attorney

 

This blog aims to provide you with essential information on how to safeguard your assets during a divorce in Saratoga. The process can seem daunting, but with the right guidance, you can take steps to ensure that your financial future remains secure. At Mahserjian & Mahserjian-Ortiz, PLLC, we understand the emotional stress that comes with a divorce, and we are here to help you achieve a fair and just outcome for your case.

Understanding Asset Division in New York Divorce Cases

In New York, divorce laws are based on the concept of “equitable distribution,” which means that marital assets and debts are divided fairly, though not necessarily equally. The court will consider a variety of factors when deciding how to divide your property. These factors include the length of the marriage, the income and property of each spouse, and the contributions each spouse has made to the marriage—both financially and as a homemaker. Marital property is any property that was acquired during the marriage. This includes things like real estate, cars, bank accounts, retirement plans, and other assets that were purchased or earned while you were married. Property acquired before the marriage is typically considered separate property, unless it has been commingled with marital assets. Knowing the difference between marital and separate property is key to protecting your assets during a divorce. In some cases, separate property can become marital property if it is mixed with jointly owned assets. This is where the right legal guidance can help you avoid making mistakes that could cost you in the long run.  

The staff is extremely friendly and knowledgeable. They truly care about their clients and walk you through the process every step of the way. I highly recommend Jean and here team for any legal needs.

– Joseph B.

Was a real advocate for me while going through my divorce. Responded to emails and calls promptly and guided me through the entire process. Fair, responsive and frankly a light during a tough time.

– Melissa W.

 

Steps to Protect Your Assets During Divorce

Know What You Own

The first step in protecting your assets is understanding exactly what you own. This includes listing all of your assets and liabilities, such as real estate, vehicles, bank accounts, retirement savings, investments, and any other valuable property. You will need to know which assets are separate and which are marital to ensure that you can make the right arguments in court. You should also assess any joint debts that you and your spouse may have accrued during the marriage. This includes mortgages, car loans, and credit card balances. These debts will be factored into the division of assets.

Document Everything

Once you know what you own, the next step is to document it. Take inventory of all of your assets, including their current value, and keep a record of any documents that show ownership, such as deeds, titles, and financial statements. If you have joint accounts, be sure to keep copies of statements that show deposits and withdrawals. In addition to documenting assets, it is also important to keep track of any contributions you have made to the marriage, such as financial support, childcare, or homemaking. While these may not be as easily quantified as financial contributions, they can have an impact on the court’s decision about asset division.  

Related Videos

How long does a Divorce take?

What is a no Fault Divorce in NY?

 

Consider the Tax Implications of Asset Division

Tax implications can play a major role in how assets are divided in a divorce. Some assets, such as retirement accounts and investments, may have tax penalties or obligations attached to them. If you receive a portion of your spouse’s retirement savings or other accounts, you could be responsible for paying taxes when you withdraw those funds. It is important to discuss the tax implications of dividing your assets with your attorney. In some cases, it may be beneficial to negotiate a property settlement that minimizes the tax burden on both parties.

Use a Prenuptial or Postnuptial Agreement

If you are already married and facing a divorce, a postnuptial agreement may help you protect your assets. A postnuptial agreement is similar to a prenuptial agreement but is created after you are already married. This agreement outlines how property will be divided in the event of a divorce, and it can help clarify what is separate and marital property. If you do not have a prenuptial or postnuptial agreement, it may be more difficult to protect your assets during the divorce. However, this does not mean that you are without options. An experienced attorney can help you build a case to protect what is rightfully yours, even without such an agreement in place.

Consider the Role of Spousal Support

Spousal support, also known as alimony, is another factor to consider during a divorce. Depending on the length of your marriage and your financial situation, the court may award spousal support to one spouse. This support can help the lower-earning spouse maintain a similar standard of living after the divorce. However, spousal support can also be used as a negotiating tool in asset division. If one spouse is seeking spousal support, the other spouse may be able to negotiate a larger share of the marital property in exchange for not requesting alimony.

Working With Your Attorney to Protect Your Assets

It is essential to have a knowledgeable attorney by your side to help you navigate the complexities of divorce and asset division. An attorney can help you identify and protect your separate property, ensure that all of your assets are properly valued, and negotiate with your spouse to reach a fair settlement. At Mahserjian & Mahserjian-Ortiz, PLLC, we take a compassionate approach to handling divorce cases. We understand that this is a difficult time, and we are here to offer you the support you need to achieve a successful outcome. Our team will work closely with you to protect your financial interests and ensure that you are treated fairly during the divorce process. Divorce is never easy, but with the right steps and the help of a skilled attorney, you can protect your assets and secure your financial future. By understanding how asset division works, documenting your property, and considering the tax and financial implications of your decisions, you can avoid costly mistakes that may affect your long-term wealth. If you are facing a divorce in Saratoga and need help protecting your assets, we are here to assist you. At Mahserjian & Mahserjian-Ortiz, PLLC, we are committed to providing you with the guidance you need to navigate this challenging time. Contact us today to schedule a consultation and learn how we can help you get the best possible result for your case.

To learn more about this subject click here: 8 Common Confusions When Dividing Assets in a Divorce