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In a recent interview, leading family attorney Albert Breud, partner at Breud, McMahon & Firestone, P.L.L.C. in Commack, New York, revealed how someone can best protect their money in a divorce.For more information please visit Https://BMFnylaw.com
When asked to comment, Breud said, “Filing for divorce can take a toll emotionally and financially. But it doesn’t have to be that way if you’re aware of how to protect your assets and money during the process.”
One of the best strategies that Breud discussed in terms of curbing divorce-related costs was to have an amicable divorce, which resolves all economic issues through negotiation as opposed to going to court.
“Having a contentious divorce in court that drags on for months or years will only add to your attorney fees and mental turmoil. Instead, I encourage my clients to work toward a less contentious divorce and reach resolutions that work for everyone involved. That requires compromise from both sides, but is well worth it in the long run,” he said.
Breud added that it’s important to decide whether or not you and your spouse would like to work collaboratively from the beginning. Agreeing to reduce conflict will definitely reduce cost.
Knowing your rights is vital to protecting your money, according to Breud, during a divorce.
“Many people are surprised to learn that in a separate property state, like New York, pre-marital savings, retirement, business interests, and inheritance are not up for grabs during the divorce process,” he said.
“However, many people risk altering the character of their separate property into a marital asset by doing things like placing pre-marital assets into a joint account. If that is the case, they will need to trace the separate character of those assets through bank statements and other documents from before the date of marriage. But if it’s still there, it is protected.“
According to Breud, if it is no longer in the accounts, but still exists as an investment in other assets, there are ways to recover it.
When asked to elaborate, he said, “For example, if you can provide evidence that you used said money to help your spouse grow his or her business, or improve his or her properties, then you may be able to recover your separate property,” he said.
Another way to safeguard your assets during a divorce is to clearly document what you and your spouse entered the marriage with and use separate financial institutions and accounts to avoid commingling your assets.
“A divorce attorney will need to have a clear picture of you and your spouse’s assets. Collect statements on insurance policies, retirement plans, real estate appraisals, pay stubs, as well as bank and credit card balances,” Breud added.
Source: http://RecommendedExperts.biz
Contact Info:
Name: Albert Adam Breud, II
Email: Send Email
Organization: Breud McMahon & Firestone, P.L.L.C.
Address: 356 Veterans Memorial Hwy #3, Commack, NY 11725, USA
Phone: 631-543-3700
Website: https://BMFnylaw.com
Source URL: http://RecommendedExperts.biz
Release ID: 88917078
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