The divorce process is a stressful one at best and a contentious one at worst. One of the issues that can take the situation from stressful to contentious is asset division. While houses, checking accounts, and vehicles are often the sources of fighting during a divorce, divorcees in New York should be sure to watch out for certain hidden assets that need to be accounted for when properties are divided.
Some lines of work are more likely to offer pensions than others, so this hidden asset may not apply to your divorce. However, if it does, you should be sure that all pension information for both you and your spouse is included in your divorce filings. Pension valuations can become very difficult because of the variables associated with a pension, but having a plan in place for this future income is an important part of your final divorce decree.
Artwork and other collectibles that have large monetary value should be included in the asset disclosure paperwork at the beginning of the divorce process. If your spouse bought artwork and other valuable collectibles during your marriage, the court may still view them as marital properties, which means you still have rights to their values. Make sure that valuable items are listed in your assets.
Stocks can be difficult to uncover in a divorce because of how easy it is to buy and to sell them. However, taking a hard look at any sort of bank activity can help reveal if your spouse is receiving dividends and other benefits of stock ownership. These stocks have clear monetary values, which means they will be included in the court’s final divorce decree.
Uncovering hidden assets is one of the most important roles that a divorce attorney will have in your divorce proceedings. Unfortunately, divorce often drives people to do things that they should not, including trying to hide assets in order to put themselves in better positions once the divorce is final. The likelihood of such behavior is even greater in a high-asset divorce, furthering the need for a trusted, proven attorney.