Partner
Divorce can have far-reaching implications for your finances and quality of life. Whether or not you and your spouse are on the same page, it’s important not to leave your financial future to chance.
Your divorce agreement will cover alimony, child support, and the division of property and assets, including business ownership, retirement accounts, trusts, and intellectual property. Without experienced legal guidance, you may overlook steps that can protect what you’ve worked hard to build.
At Aiello & DiFalco, LLP, we help clients in Garden City and throughout Long Island secure a stable financial future by identifying and protecting both marital and separate property. Below are four tips, with added strategies, to help you take control of your assets during a divorce.
1. Separate Your Bank Accounts and Credit Lines
Divorcing couples often find themselves in conflict over money. Even when a split begins amicably, emotions can run high. That’s why one of the first steps should be separating your bank accounts and credit cards.
- Open a new bank account in your name only.
- Close joint credit cards or remove yourself as an authorized user.
- Establish credit in your name if you haven’t already.
- Be cautious with joint accounts—one spouse draining funds is more common than people realize.
You may also want to deposit any bonuses or unexpected income into a separate account before divorce proceedings begin, especially if the funds are arguably separate property. Speak with your attorney first to avoid triggering claims of asset dissipation.
2. Don’t Make Assumptions—Do the Math
It’s easy to focus on “winning” certain outcomes in a divorce, like keeping the house, without thinking through the long-term implications.
Take time to:
- Create a complete asset inventory, including personal property, retirement accounts, business interests, and digital assets.
- Understand marital vs. separate property: Inheritances, premarital property, and gifts may not be divided, but only if they’ve been adequately maintained as separate.
- Protect your business by reviewing the ownership structure and considering a valuation.
- Consider mediation or settlement negotiations to maintain more control over the division of complex assets.
And when it comes to the marital home, remember: ownership may come with expenses you’re not prepared to manage alone—mortgage, taxes, maintenance, and potentially refinancing.
3. Update Your Estate Plan and Beneficiaries
Updating your will, power of attorney, and beneficiary designations is a crucial yet often overlooked step.
- Change your beneficiaries on retirement accounts, life insurance, and any payable-on-death accounts.
- Review and revise your medical and financial powers of attorney if your spouse is named.
- If your divorce is pending and you unexpectedly pass away, your spouse may still inherit under your current estate plan, as the divorce would “abate.”
If you’re already working with an attorney, ask them to coordinate with an estate planning professional to protect your intentions and limit unintended consequences. Consider establishing or updating trusts to safeguard certain assets for children or loved ones.
4. Hire an Experienced Divorce Attorney with Strategic Insight
Perhaps the most impactful decision you can make is choosing the right divorce attorney—one who understands the nuances of financial protection.
At Aiello & DiFalco, we’ve represented business owners, professionals, and individuals across Nassau County in divorces involving:
- High-value and retirement assets
- Complex marital estates
- Family businesses
- Prenuptial and postnuptial agreements
- Domestic Asset Protection Trusts (DAPTs)
We bring decades of experience and practical insight to every case. We don’t just manage paperwork—we provide strategic guidance tailored to your specific goals.
Practical Asset Protection Checklist
Here are a few more legal strategies worth considering:
- Establish trusts before marriage or as part of your estate plan
- Secure a postnuptial agreement if divorce isn’t yet on the table.
- Protect retirement accounts through QDROs and asset classification
- Avoid hiding or dissipating assets—courts penalize this behavior
- Understand the impact of equitable distribution laws
- Get a legal consultation with a Garden City divorce attorney before making big financial decisions
Consult a Garden City, NY, Divorce Lawyer Today
If you’re going through a divorce—or thinking about one—the steps you take now can make a lasting difference. Whether you’re concerned about protecting your home, business, or retirement, the right legal advice matters.
At Aiello & DiFalco, LLP, we provide practical solutions backed by decades of experience. We know how to identify risks, protect your interests, and position you for long-term success. Call today to speak with a knowledgeable divorce attorney in Garden City and schedule a confidential consultation.