One of the things that people worry about when they decide they are getting a divorce is how they can best protect their assets. It’s not always guaranteed that both parties will walk away with half of their assets. In New York, equitable distribution laws apply, which means that you and your spouse are expected to split up your property fairly.
If you have a high number of assets, then considering the idea that you could lose half or more of what you have is frightening. That could seriously impact your life and finances. Fortunately, it is highly unlikely that you would lose half of everything in a divorce. It’s unlikely that you’d lose more than half, even in an equitable distribution state, but there are exceptions.
How can you protect your assets during a high-asset divorce?
During a high-asset divorce, one of the best things you can do is to get a list of all your assets and to start going through them to determine which assets are separate. Separate assets are not divided during a divorce, which makes it easier for you to keep a greater number of your personal assets.
Once you have a list of marital assets, you can start looking into how to divide them. You may want to consider factors such as:
- The length of your marriage
- How much each of you contributed to specific assets
- Which assets either you or your spouse actually want
- Who earned more or provided more financially during the marriage
You and your spouse may both want to write down how you’d like to divide your assets and then compare your preferences. You may have some overlap, which is a good place to start as you divide the remaining assets.
Will this case go to trial?
If you cannot agree on the division of your assets, then your case could end up going to trial. If that happens, it’s important for you to have evidence of using specific assets or investing more into them, so you can fight for your fair share and protect what you’ve invested into your marriage over time.