Whether you’re incredibly wealthy or you have an average New York salary, everyone worries about losing their assets in a divorce. In some cases, a former spouse could be entitled to half their partner’s earnings. Here’s what you need to know about dividing your wealth during a divorce.
How can I divide my wealth while still protecting my assets?
Divorce can be particularly tricky if one individual has more wealth or a higher-paying job than the other. If you’re not making as much money, you might find it hard to hire an attorney while your former spouse has the money for an expensive divorce lawyer. Fortunately, you can petition the court for temporary financial support during the divorce process.
During the property division process, you can divide strategically instead of assuming that everything has to be split in half. For example, if your house is important to you, you can offer to give your former spouse your vehicle if you get to keep your house. You should think about your financial goals and which assets can help you achieve them.
Additionally, you should consider taxes that you might have to pay on your assets. For example, if you keep the house and sell it for more than it was originally worth, you might have to pay a capital gains tax on the property. This means that you’ll end up with less money than you originally anticipated.
Is hiring an attorney worth the cost?
You might find yourself wondering if a family law attorney is worth the cost. However, an attorney might actually help you save money in the long run. An attorney may help you make smart financial decisions that take taxes and other issues into consideration. With an attorney, you may be able to walk away with a fair share of the marital assets.