Going through the dissolution of a marriage in New York is difficult whether one is 22 or 62. After all, the divorce process involves untangling two lives that have become deeply intertwined both emotionally and financially. A couple of tips may help those going through divorce to protect their best interests from a financial standpoint.
First, creating a detailed inventory of assets as early as possible is critical. These assets include any inheritance funds obtained during the past few years that might have been co-mingled in a bank account that both spouses share. Generally, an inheritance is considered separate property and, thus, does not have to undergo property division, but if it is co-mingled with jointly owned funds, it becomes marital property.
Another important step is to create a list of both spouses’ past and present employers. This may help to ensure that no employer is left out when checking for pension money to which both parties might be entitled. Forgetting pension money or money from profit sharing, stock options, deferred compensation plans and defined-benefit plans is not uncommon.
If the two spouses can find common ground in how their assets will be split, they can work together to reach a mutually satisfactory settlement at the negotiation table or through the process of mediation. This might help to eliminate the stress that often comes with going to divorce trial. An attorney can help a divorcing spouse in either situation to aggressively pursue his or her fair share of assets in New York.
Source: marketwatch.com, “7 ways to manage financial pitfalls during a late-in-life divorce“, Melody Juge, Feb. 9, 2018