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Protecting Assets During Divorce

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

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Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Aug 19, 2023

Read Time: 3 mins

Divorce is an emotionally taxing experience, but it’s also a time when critical financial decisions need to be made. Protecting your assets during this tumultuous time is paramount, and it requires strategic planning and a clear understanding of your legal rights. This blog aims to provide a guide on how to safeguard your assets during a divorce, and why consulting a Rockland County, NY family law lawyer is crucial.

Understanding Marital Property

Before you can protect your assets, you must first understand how they are classified. In New York, property acquired during marriage is generally considered marital property, regardless of whose name is on the title. This includes homes, cars, savings accounts, retirement accounts, and even debts. Marital property is subject to equitable distribution, which means it will be divided fairly, but not necessarily equally, between both parties.

Separate property, on the other hand, includes assets acquired before the marriage, gifts, inheritances, and personal injury awards. Separate property typically remains with the individual who owns it, but it can become marital property if it’s commingled with shared assets.

Taking Inventory And Valuing Assets

Once you understand how your assets will be classified, take a comprehensive inventory of all your assets and liabilities. Be sure to include everything, even items you consider to be separate property. Next, assign a monetary value to each asset. This may require appraisals for real estate, businesses, or valuable personal property.

It’s also important to gather documentation for all assets and liabilities, including bank statements, mortgage statements, and retirement account statements. Having a complete and accurate financial picture is essential for protecting your assets.

Protecting Your Assets

With a clear understanding of your financial situation, you can take steps to protect your assets:

Avoid Commingling Assets: Keep separate property separate. Do not deposit inheritance money into a joint bank account, and do not use marital funds to pay for separate property.

Close Joint Accounts: To prevent your spouse from draining joint bank accounts, close them or convert them to individual accounts.

Be Mindful of Debt: Understand that debt acquired during the marriage is also considered marital property. Work to pay down joint debts and avoid incurring new debts.

Consider a Prenuptial Agreement: Although this is a preventative measure that must be taken before marriage, a prenuptial agreement can protect your assets in the event of a divorce.

Consult a Lawyer: A Rockland County, NY family law lawyer can provide valuable advice tailored to your specific situation. They can help you navigate the legal process and ensure your rights are protected.

Divorce is never easy, but taking steps to protect your assets can provide peace of mind and financial security. Understanding your legal rights, taking inventory of your assets, and consulting a qualified lawyer are crucial steps in this process. At Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C., we understand the complexities of divorce and are here to help guide you through every step. Let’s work together to protect your future and secure the assets you’ve worked hard to acquire. Contact us today to schedule a consultation.

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Client Reviews

    
 
 
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   LWelsh 
 1 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Clever and efficient.
  
 
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   Kenny Perlow 
 22 days ago
 
 
 Trustindex verifies that the original source of the review is Google. KGG Law, and Barry Kantrowitz in particular, set the bar high for what a thorough, practical, strategic, compassionate and smart lawyer can be. Everything about Barry's advice and representation was exemplary and the stress mitigation that resulted was invaluable. On top of that, the ultimate result Barry achieved was beyond what was reasonable to expect and we are forever grateful. Often, people say that you hire a lawyer to prevent a problem. Sometimes, unfortunately, you need an attorney to solve a problem and I could not recommend Barry and his firm any more highly in that regard.
  
 
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   Aliza Ali 
 86 days ago
 
 
 Trustindex verifies that the original source of the review is Google. My dad had a great experience with this law firm. From the very beginning, the team was professional, knowledgeable, and always willing to answer our questions. They kept us informed throughout the entire process and made what could have been a very stressful situation much easier to handle. We truly appreciated their dedication, honesty, and hard work. Thanks to their support, my dad felt confident every step of the way. We are very grateful for everything they did and would highly recommend this firm to anyone looking for reliable legal representation.
  
 
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   Jana Montero 
 89 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I had a wonderful experience working with Sam Smith. He was very responsive, thorough, and easy to work with from start to finish. He walked me through everything clearly and made what started as a very stressful situation for me into something completely manageable. I would not hesitate to recommend him and the firm!
  
 
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   Mike Sakmann 
 95 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
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   Liz Hecker 
 101 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I can't say enough about this firm. They manage to comfort you during the whole legal process while staying professional and doing what is right. I would recommend them to anyone and also hire them again if I need legal help.
  
 
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   Brandy Miller 
 124 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate is the best. She helped me very quickly, and was very attentive with all of my needs. So thankful for her
  
 
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   Mike Greenspan 
 137 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
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   Jonathan Sampson 
 144 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Was referred to KGG law by a friend and could not have asked for better legal representation. They walked me through every step of the process after my accident and began every call with “ how are you feeling” which was just one example of how much they care about their clients. They handled my case very efficiently, professionally and courteously. My attorney Kate Carballo was a rock star! So clearly experienced, she consistently made me feel at ease with the process. Highly recommend
  
 
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   Vinnie Kung 
 147 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with the team at KGG Law. While it was a traumatic time for our family, they made it very easy for us and explained all of our options. They even performed due diligence to make sure that after our settlement, there would be no further issues which I think is even more important than the settlement itself. Thank you!

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Protecting Assets During Divorce

Understanding Marital Property

Taking Inventory And Valuing Assets

Protecting Your Assets

Why Trust Us?

Rockland County, New York

Bergen County, New Jersey