Property division is a basic part of most New York divorces. Whether the couple has significant assets or is of lesser means, there will be items that have value. That value could be financial, emotional or both. A dispute is often unavoidable and emotions can be frayed. As soon as the decision to end a marriage is made, it is imperative to take various factors into account with property division and assets. Doing so beforehand can help to alleviate stress and perhaps find common ground with the other party to negotiate. As always, getting legal help is essential from the start.
Having a vague idea of the property is not good enough. Having accounts, assets and critical documents and the information related to them at hand will avoid confusion. The following are examples that can help a person be prepared for every eventuality in a divorce: the personal financial information; a list of marital and non-marital property; statements from all accounts; real estate documents; documents detailing a mortgage and any loans; credit card statements; estate plans; and insurance information.
It is not sufficient just to locate the documents. They must be organized so the legal professional and others who are involved in the case such as an accountant or an investment advisor can access what is needed for the case. Putting these documents in a folder, a safe deposit box or immediately sending copies to the attorney can avoid the haggard and frenzied search right before a court date or scheduled negotiation.
Categorizing the assets based on their status is also a fundamental organizing principle. For example, knowing which property is marital and non-marital can avoid rancor and dispute. In many cases, the parties are unsure of the category in which the property belongs. That too should be discussed. Regardless of the situation, having legal assistance is a must. A law firm that is experienced with assisting people who are getting a divorce as they sort through their assets is a wise step for everyone.