Safeguarding Your Assets During Divorce

Divorce is always complicated. One's relationships and one's finances are, all at once, placed in jeopardy. It is typical to become overwhelmed. To their detriment, many permit their emotions to guide them through divorce proceedings. Not surprisingly, this has adverse consequences.

Couples with a great deal of wealth must be especially wary of taking inappropriate steps; they stand to lose a great deal of their assets if they succumb to rash, poor decision-making. At the Law Offices of David Bliven, we have assisted individuals in White Plains and the Bronx in their divorce matters for more than 20 years. We offer knowledgeable counsel and work rigorously to protect our clients' interests — and their assets.

Common Mistakes In High Net Worth Divorce

There are a number of common missteps individuals make during high net worth divorce that could be easily avoided. These include:

  • Hiding assets — In their efforts to safeguard their most prized holdings, many individuals try to conceal their assets. They might transfer certain deeds to a trusted third party — a business partner or a child from a former marriage — or place substantial assets in offshore accounts. Yet such activity is routinely uncovered during discovery and ultimately serves to imperil the very holdings one had hoped to protect.
  • Permitting a spouse to hide assets — Conversely, many individuals fail to thoroughly investigate their spouse's financial machinations. To receive your fair due, it is important to hire financial experts who can ensure your spouse's holdings are properly accounted for.
  • Failing to account accurately for assets and liabilities — During divorce in New York, you are required to fill out a financial affidavit that documents your holdings and debts. Though many fail to do so, it is imperative that this affidavit and related forms be filled out properly. Otherwise, you may be responsible for debts you could have avoided or lose assets that should have been yours.
  • Letting emotions hold sway — Anger and guilt are the predominant sentiments during divorce, and often color one's behavior during legal proceedings. If a spouse feels guilty for initiating a divorce, he or she may give up more than is necessary. Likewise, angry parties often take on a 'fight to the end' mentality that results only in increasing lawyers' fees.

Make Sure You Don't Misstep

The Law Offices of David Bliven will guide you through every aspect of the process and help you navigate around the common legal pitfalls. To discuss your case with an attorney, call us at 914-368-7580 or arrange a consultation online.