You may hope that the property division process goes smoothly in New York, and it certainly can; some couples work things out with no problems, really helping to speed up the divorce process. However, you don’t want to assume things aren’t going to get a lot more complicated. Below are a few things to keep in mind.
1. Remember that your spouse may try to hide assets. Despite the fact that courts order people to turn over all financial information, people sometimes attempt to hide things so as not to have to split them up. We will sometimes work with private investigators to find these hidden assets, or just to confirm that there aren’t any.
2. Consider business assets. Some couples even own businesses together, which can make things very complicated. In some cases, the business will have to be sold, but compromises can be found, such as one spouse buying out the other spouse’s ownership percentage.
3. Use official appraisers for your home. Never just assume your home is worth what you paid for it. Have an appraiser come in to find the true value, especially if you’re considering giving up other assets so that you alone can keep the house.
4. Remember future income, like money from pension plans. Even if your spouse is the participant, you may have a right to partial payments for as long as the pension is paying your spouse. Due to the consistency of these payments, a plan can be a huge asset.
If you want to get more tips or learn more about property division in New York, please take a moment to check out our site.