Divorce in New York doesn’t just involve personal and emotional decisions—it also involves financial choices with consequences that could affect you for years to come. Below are five strategies you can use during the divorce process to protect your assets and stay in control of your financial future.
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Inventory and Secure Financial Records
Start by collecting all of your financial documents. This includes bank statements, tax returns, credit card bills, retirement account records, loan documents, and property titles. Keep copies in a safe place that your spouse can’t access, such as a secure cloud account or a locked file cabinet. Make a full list of everything you own and owe. When your records are organized and readily accessible, it’s easier for your lawyer to build a clear case and harder for your spouse to hide or misrepresent assets.
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Close Joint Accounts and Open Separate Ones
If you share bank or credit accounts with your spouse, you should maintain the status quo until consulting with an attorney. You may also want to open an account of your own as well as to secure a credit card in your name alone. Keep in mind that all accounts and credit card accounts will need to be set forth on financial statements submitted to the Court and account statements will likely need to be turned over in discovery.
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Monitor and Protect Your Credit
Check your credit report often during the divorce. Watch for new debt, missed payments, or credit applications in your name. If you are observing a change in spending, withdrawals or transfers that are out of the ordinary, be sure to alert your attorney.
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Request Discovery and Use Forensic Accounting
You can use the discovery process to demand full financial disclosure from your spouse. You can ask for bank statements, tax records, business income reports, and more. If you believe your spouse is hiding money, your attorney can help you bring in a forensic accountant. This professional can look for red flags in financial records, find discrepancies in reported income, and help you get your fair share. If you demand full transparency, your spouse will have a harder time hiding or undervaluing anything.
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Work with an Experienced Divorce Lawyer
Finally, you should hire a divorce lawyer who knows how to handle complex financial issues. A good attorney can guide you throughout the legal process and deal with your spouse’s lawyer on your behalf. They can also make sure your spouse is following the rules and sharing all financial details. If your spouse tries to hide money or property, your attorney can act swiftly to stop it. You don’t have to figure everything out alone. Your lawyer can help you protect what’s yours and avoid costly mistakes.
Contact a New York Divorce Attorney
If you’re going through a divorce and need help protecting your assets, reach out to Lisa Zeiderman, Esq. She handles complex financial matters and knows how New York divorce laws work. Contact her office today to arrange your initial consultation session and get clear guidance on your next steps.