Brooklyn, NY – There are always concerns that a divorce can be very costly from a financial standpoint. These concerns are amplified when the person who is about to separate has large amounts of assets including real and personal property, investments, retirement accounts, and multiple bank accounts. There will also be expenses associated with raising any children from the marriage. Despite these potential issues, early preparation with an attorney can help salvage as much money and resources as possible.
Issues with retirement accounts
Many wealthy individuals have significant amounts put into retirement accounts and similar kinds of investments. There are certain steps related to these accounts and investments that can be taken during the divorce process to minimize losses.
Some high net worth individuals will try to go on a spending spree as a divorce starts to try to reduce their assets and the amount they will owe their spouse. In many situations, this can actually backfire as the court can still consider income sources from previous times or years and factor these into divorce settlements and alimony payments. There will likely also be records of sudden large amounts of spending, which will reflect poorly on the spouse responsible at a trial or settlement talks.
Premarital agreements and post marital settlements
While a premarital agreement needs to be executed in advance of a wedding, there is also the possibility of ending a divorce with a postmarital agreement. If a divorce case is settled, this tends to avoid some of the most costly, expensive, and time consuming aspects of the separation. The person who is attempting to protect their assets also has more control over how their divorce case ends through a settlement, as they can work with their attorney to establish the most important points of the negotiation.
Business interests and professional licenses
While this may not be obvious, things like the value of professional licenses to practice medicine or law, or even ownership of a business may be at issue in a divorce. Whatever spouse has invested time or money into any of these items will likely want to retain ownership or use. If either or both members of the couple have a business or a professional license, the attorney should be notified as this may become an important and valuable point in settlement negotiations, especially if the business brings in significant income.
Assistance during a divorce in Brooklyn
Elliot Green Law Offices is a firm that handles various issues related to divorce and other family court situations. Their attorneys provide advice to anyone who needs to protect their assets and handle other aspects of the separation process.
Firm contact info:
32 Court Street, Suite 404, Brooklyn, NY, 11201