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Protecting assets is an important aspect of New York divorce

Having the right information can help New York residents work toward the outcomes they desire in a variety of situations. Divorce is once situation in which knowledge can be a valuable tool, especially when it comes to determining how such a process may affect a person financially. Therefore, individuals may wish to take necessary steps to prepare for their proceedings.

Property division can have considerable financial impacts. One step that individuals may wish to utilize is identifying which assets will be addressed during the divorce process and to whom the assets belong. Once individuals understand what may be their separate property, they can organize and work toward addressing those assets and other property that could potentially be divided.

Hard copies of asset and bank account information can help provide proof of any statements made by either party. The proper documentation could help back up claims or prove false claims. Hard copies are important because digital copies could be unreliable or a spouse could potentially change passwords that results in the other party being unable to access needed documents or accounts without court intervention. Similarly, individuals may wish to create a personal account separate from a joint account that could allow for a build up of cash that could come in handy.

Protecting assets during divorce is often a primary goal of many individuals. However, understanding the right way to go about doing so may not always immediately come to mind. Therefore, New York residents may wish to consult with their legal counsel in order to potentially gain useful advice on how to approach property division and other related topics.

Source: businessinsider.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 1, 2017

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