Nobody wants to go through a divorce but these things do happen. When it does, it is very important that both of the parties learn how to protect each asset and Investment they own. The emotional devastation is hard enough to deal with without making things even more complicated because of the complex finances that are involved. It is important that each party things about which assets belong to them and how they can protect them and secure them. This is something Daniel Purjes has long provided help with.
Daniel Purjes on Dealing with a Divorce
Divorces always seem to be messy. Not a week goes by that there isn’t a main story in the New York Times about a huge settlement in a divorce case, a bitter divorce that simply drags on, and more. However, things don’t have to be this way.
According to Daniel, it is very important that both parties hire a lawyer who is familiar with the New York rules and regulations on dividing property. By having good legal counsel, both parties consent the property claims and they can also refer them to accountants and appraisers who can help with this case. Not just that, if the spouse has been granted any powers of attorney that provides them with control over finances and property, a good divorce lawyer can help have these removed.
Protecting your assets if you go through a divorce means that you must do four key things. Those are:
- You must identify any property that you own that was gifted to you or that is a family heirloom. Take pictures of all these items and try to also find photographic evidence or other written evidence to demonstrate these items only belong to you and for a gift or an inheritance.
- You must identify which of your assets are Community Property. These are all the items that you and your spouse share together, which includes things such as furniture, cutlery, pots and pans, reading, appliances, and so on. Again, make sure you take photographs of each of these items and try to keep copies of things such as proof of purchase.
- You must hire an independent professional appraiser who can help to protect your divorce assets. Property is divided based on its fair market value if there is a dispute. Hence, it is important that you have an accurate assessment of this fair market value and that should be provided by a professional appraiser. Try to find one who isn’t also your accountant as this could be seen as a conflict of interest during your proceedings.
- You should consult with an estate planner to ensure your assets are properly divided and protected during the proceedings. They will ensure not just that there is a fair division but that’s this division is also done in such a way that it costs the least amount of money. For instance, you may need to sell your home, which could lead to capital gain taxes, which would be a waste of everybody’s money.
