How To Protect Your Assets During Divorce: A Guide For New York Residents

Some divorces are straightforward, and some are even amicable, but most involve at least some level of complexity—whether it’s sharing custody of a child or managing the division of property. This guide is designed to help spouses in Long Island and across New York prepare for and navigate the common challenges that can arise during a divorce. Specifically, it covers:

• How to protect yourself from complications with a prenuptial agreement or other marital contracts.
• How debts are divided and the consequences of hiding or selling assets before divorce.
• One key step you can take to simplify the divorce process.

What Can Complicate A Divorce In Long Island, New York?

When we talk about a “complex” divorce, it can refer to several different factors. Typically, a divorce becomes complex when:

• The couple has children under 21, and often even younger children (under 10), which introduces child custody and support considerations.
• There is a variety of assets, including significant retirement accounts that need to be divided.
• One or both parties have off-the-books income, which complicates financial disclosures and calculations for support or asset division.
• One or both spouses own a business or corporation, adding complexities in valuing and dividing the business.

While these are common elements of a complex divorce, each case is different and may be complicated for other reasons unique to the couple’s situation.

How Complicated Does My Divorce Have To Be To Need A New York Lawyer?

While some divorces are undeniably complex, many fall into a middle ground—they’re not uncontested, but they’re also not extremely complicated. Many of our clients are middle-class or upper-middle-class families with young children, a home, and retirement assets. These divorces may not be “complex” in the traditional sense, but there are still important issues that need to be carefully addressed, such as dividing assets and determining child custody.

Even if your divorce doesn’t seem overly complex, there are still legal matters to work through, and we’re here to guide you through them. The word “complex” can carry a certain weight, but it’s important to remember that every divorce, regardless of its complexity, requires attention to detail and thoughtful planning to ensure a fair resolution.

Attorney David Badanes is a skilled family law lawyer based in Long Island who has helped countless couples navigate the difficulties of divorce in New York. Built on 20 years of experience working with families to reach efficient and effective divorce solutions, his guidance is crucial to keeping your assets safe throughout the process.

Hoping to get divorced without losing everything? Contact David Badanes today to schedule an initial consultation.

Book Your FREE Divorce Consultation Now! (631) 430-4445

Can Prenuptial Agreements Help Protect Assets In Complex Divorces?

Absolutely. A prenuptial agreement is like “divorce insurance.” It allows couples to clearly define what assets, like a house owned before marriage or future retirement savings, will remain separate in the event of a divorce.

With a well-drafted prenup, you can protect your assets, including those you already own and those you expect to acquire in the future. It’s a powerful tool to safeguard your financial interests in a complex divorce.

What Are The Risks Of Hiding Assets During A Divorce In New York?

Attempting to hide assets during a divorce can lead to serious consequences. If one party conceals assets and they are later discovered, that person may face penalties such as paying additional court fees, contempt charges, or even covering the legal fees of the other party.

The court takes these actions very seriously, and the financial and legal repercussions can be significant. Transparency is key to protecting yourself throughout the divorce process.

How Are Debts Divided In A Complex Divorce In Long Island, New York?

Debt division in a New York divorce generally follows the rule that marital debts are split 50-50 between both spouses, regardless of who incurred them. For example, if one spouse frequently used a credit card, the debt would typically be considered marital and divided equally.

However, there are exceptions. If the debt was incurred for personal reasons that did not benefit the marriage, such as using a credit card for a relationship outside the marriage, the responsible spouse may be required to pay that debt in full.

Determining how debts are divided is not always straightforward, as it depends on where the debt came from and how it was used. Each situation is examined closely to ensure a fair division.

What Steps Can I Take To Prevent Losing My Assets In A Complex Divorce?

In New York, automatic orders go into effect as soon as a divorce is filed. These orders prevent either spouse from selling, transferring, or wasting marital assets during the divorce process. While this is an important safeguard, it’s not foolproof—some people may still violate the order.

To protect against asset dissipation, make sure the automatic orders are properly served to your spouse. If they have an attorney, ensure their attorney is aware of these orders and remind them of their client’s obligations. Additionally, staying informed about your spouse’s actions and monitoring any unusual financial behavior can help you act quickly if necessary.

Attorney David Badanes is a skilled family law lawyer based in Long Island who has helped countless couples navigate the difficulties of divorce in New York. Built on 20 years of experience working with families to reach efficient and effective divorce solutions, his guidance is crucial to keeping your assets safe throughout the process.

Hoping to get divorced without losing everything? Contact David Badanes today to schedule an initial consultation.

Book Your FREE Divorce Consultation Now! (631) 430-4445

What Legal Options Exist If My Spouse Tries To Claim More Than They’re Entitled To?

If your spouse tries to claim more than they’re entitled to, they bear the burden of proof to justify their claim. This means they must present convincing evidence to the court showing why they should receive a larger portion of the assets. Your role is to counter those claims by presenting facts and documentation that demonstrate your spouse’s request is not legally justified.

In court, you’ll bring attention to the specifics of the asset in question, showing the judge why your spouse is not entitled to more than their fair share. By presenting clear evidence and staying within legal guidelines, you can protect your interests against excessive or unfounded claims.

One Simple Trick To Simplify Your Divorce Before It Even Begins

The most helpful step you can take before coming into the office is to gather all your financial documents. This includes:

• W-2s for the past couple of years
• Tax returns (all of them)
• Bank statements for the last year
• Credit card statements
• Mortgage statements (if applicable)

I understand this might feel like a lot of work, but having these documents organized and ready makes the entire process more efficient. It allows us to get straight to the heart of your case, helping you faster and saving time down the road.

Eager To Have An Uncomplicated Divorce, Free Of Complexities Or Complications?

For more information on How To Protect Your Assets In A Complex Divorce, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (631) 430-4445 today.

Attorney David Badanes is a skilled family law lawyer based in Long Island who has helped countless couples navigate the difficulties of divorce in New York. Built on 20 years of experience working with families to reach efficient and effective divorce solutions, his guidance is crucial to keeping your assets safe throughout the process.

Hoping to get divorced without losing everything? Contact David Badanes today to schedule an initial consultation.

Book Your FREE Divorce Consultation Now! (631) 430-4445