If you suspect your marriage is circling the drain, you may have concerns about how your property will be divided if you decide to divorce. You may also have suspicions that your spouse may be trying to set aside funds or property to have on hand in the event of a split, and those suspicions may be spot-on.
One of the basic tenets of a divorce is an equitable division of the property, assets and debts. However, for this to happen, every aspect of the couple's finances must be disclosed. Unfortunately, this doesn't always happen, and especially in high-asset divorce cases, one spouse may attempt to hide income or assets in an attempt to avoid having to split them in the settlement. Here are three warning signs to watch for.
Divorce is difficult enough when you only look at the emotional side. Tearing a family apart is never easy on the spouses' feelings or on the children's. However, ending a marriage can be equally challenging on the financial side. It often means trying to maintain the same standard of living on just one income instead of two. It can also lead to a wide array of other money-related worries -- which makes it no surprise that divorce and bankruptcy often go hand in hand.
In New York, "marital property" encompasses far more than just the family house, the cars and the china dishes you received as a wedding present. It includes nearly all assets that were accumulated during the marriage - which means that pensions and retirement accounts are fair game in the property division process.