If you and your spouse have any investments and stocks, they are going to be looked at just like any other asset. They will need to be divided up during the divorce process, and that means that you should do your best to make sure that you get your fair share of each. A Suffolk County high net worth divorce attorney from our firm can help you navigate this process and secure the assets that you are entitled to.
What Can the Court Consider When Dividing Investments and Stocks?
New York uses an equitable distribution method when dividing up assets. That means that the court is going to strive to make everything fair for both spouses. That may sound like you get an equal split, but that is not necessarily the case. The court can consider a variety of factors when dividing up investments and stocks among two people. This includes:
- How long the marriage lasted
- The age and health of each spouse
- The occupation, income, and employability of each spouse
- The earning potential of each spouse
- The current economic situation of each spouse
- Whether or not one spouse has squandered marital assets
So if the distribution was equal, then you may find yourself equally splitting 100 shares of a company with your spouse in a divorce. You each get 50 shares, half of the total. However, if the judge looks at the above factors, they can determine that one spouse needs more than the other. Maybe your spouse has a smaller income or they cannot work at all. So they get 80 shares and you get 20. That is equitable distribution.
Should I Cash Out Investments and Stocks Before Divorcing?
Sometimes people think that they can keep more for themselves or make matters less complicated when they cash out. We do not recommend this. Assets are assets, so you are probably going to end up splitting these investments and stocks in a similar way no matter what you do with the accounts. At the same time, you could end up facing tax penalties for removing money earlier than you should have. Just let an experienced attorney help you with your case and find the best ways to protect your assets.
How Can a Lawyer Help Me?
Your attorney can help you with your divorce case in a few key ways. Your divorce attorney will:
- Answer any questions that you have
- Help you negotiate for the best possible outcome
- Help you fight to keep separate property, the investments and stocks you entered the marriage with
- Defend you from accusations of wrongdoing, like squandering marital assets
A lawyer from our firm is ready to fight for you.
Talk to Our Legal Team
If you want to learn more about how a seasoned divorce attorney can help you, contact Peter V. Mandi & Associates, Inc. We can schedule a consultation and take a closer look at your case. Reach out to our law firm today!
