In any divorce one of the most primary and contentious areas is the division of assets. Splitting the equity in the home and the credit card bills, agreeing on child support and who keeps what can lengthen negotiations, bring up bitter arguments and send couples to court. Understanding what assets may come under fire will better prepare you for divorce proceedings.
Assets that you can keep after divorce
There are certain kinds of assets that are, in theory, yours to keep after the divorce.
The issues become complicated when assets and cash are “commingled” with join money. For example, if you bought a house together and one of you provided the down payment, but the mortgage was paid for by one or both spouse’s salary (which is joint property), who gets the house in a divorce? This is one example where a qualified attorney can help you sort through the mess.
Assets likely to be split in a divorce
These are the kinds of assets most likely to come under scrutiny for valuation and division during the divorce:
Valuating these assets properly and professionally is critical. Often in the heat of a contentious divorce, assets are moved or transferred to a third party or their valuations adjusted to benefit the spouse who controls them. Having legal advice early in the process can prevent such actions, or can uncover and unwind them if they are discovered in time.
As a Buffalo divorce lawyer for 28 years, I have devoted myself to solving the problems that affect families throughout the Buffalo metropolitan area and Western New York. As a family law attorney, I make it my goal to create a partnership of trust with my clients. People put their trust in me to handle cases that can potentially have a long-lasting impact on not only their lives, but the lives of their family as well.
Alexandra M. Rockwood is a Senior Associate Attorney with the Law Offices of Randy S. Margulis & Associates and has been with the firm since early 2020. She primarily practices in the areas of matrimonial and family law, including divorce, child custody, and child support. Alexandra is a practicing matrimonial and family law attorney as…