Home may be where the heart is, but when it comes to a divorce it is quite the issue to contend with. Sometimes each party has an emotional tie to the home, pitting one spouse against the other when it comes to property division. However, there are key things to think about -- and choices you have -- when it comes to dealing with the family home in a divorce.
When New York residents are getting their business off the ground, have invested minimal money and put countless hours of sweat in it, they hope, but never expect, it to become highly successful. Which is why they do not take precautions in protecting their businesses against a divorce. With around 50 percent of marriages ending in divorce, there is a very real possibility that a business owner may lose their business to their ex, or at the very least, have to become business partners with them. What can one do to protect their business assets against property division if there is no prenuptial agreement in place?
Though couples may seem happy from the outside, each couple is dealing with their own struggles. There comes a point when some may decide they are no longer compatible with one another. Just like no two marriages are the same, no two divorces are similar to one another. Even two partners married to one another may want different things from the divorce.
Last week's post detailed the reasons couples might want to sign a prenuptial agreement before they get married in Texas. With more couples in debt than ever before, marrying parties want to know who will assume these obligations if the marriage doesn't work out. They also want to be sure that if their business becomes the next 'Etsy', their sudden wealth will be protected. A prenuptial agreement is one way to take property division out of the court's hands and put it in the couple's.
Where the 1970s saw couples getting married for romantic notions-eight out of 10 people were married by the time they were thirty-years-old. Today, the reasons couples tie the knot have changed, as practicalities have entered the picture. With the same percentage of people now not getting married until they are 45-years-old, it seems like people are waiting until they are financially secure. This means by the time these couples are getting married, they have substantial careers or businesses that they want to protect.
When a New York State couple divorces, there is often confusion as to how their property will be divided. Issues frequently arise surrounding marital property, non-marital property and other factors. Understanding how this will be settled is imperative to a case and can save time, money and the energy that comes from a longstanding dispute.
There are many issues that come to the forefront when a New York couple decides to get a divorce. Of highest priority is children, custody, the dividing of assets, bank accounts and the valuation of property. Next, there are other matters, like retirement accounts, that must be navigated. As the divorce proceeds or is completed outright, there are strategies that couples should take with their retirement accounts.
People often say that marriages require work to be successful and, when a person considers the sacrifices individuals must make for the greater good of their relationships, then the truth of the statement can be understood. However, some Mohawk Valley readers also know that for some couples, it does not matter how much effort they put into their marriages: their relationships are simply not salvageable.
Whether a couple will experience a simple property division or a complex one during their divorce will depend entirely on the assets and debts the individuals hold at the time their marriage comes to an end. In New York, divorcing couples are subject to equitable division laws that govern how the items they own will be divided. During the equitable division process, a couple's assets will be evaluated and the court will divide them between the parties in a way that seems fair.
Readers of this Oneida County family law blog may not know that New York follows equitable division laws when it comes to separating the property of married people during their divorces. Equitable division is not the same thing as equal division, which implies that the parties leaving the marriage will receive the same amount of money and property when their divorce is finalized. Rather, equitable division requires a careful balancing of ownership, need and fairness to ensure that both parties exit their relationship with sufficient resources to thrive.