It is not uncommon for a married couple in New York to own and operate a business together. The pair might have been married before they formed the business or they may have been business partners who eventually became romantically involved. Either way, there are unique benefits and challenges to running a company with the person you are married to. One of the challenges arises if you end up separating and divorcing from your spouse.
Many in New York may think that asking their fiancees to work together to develop a prenuptial agreement signals doubt about the potential of their marriages to last. yet recent years have seen more and more couples enter into such agreements not expecting to get divorced, but rather to convey to their partners that they have no intentions of profiting off their marriages. In most cases, a prenuptial agreement will both allow the parties entering into a marriage to keep whatever assets they bring in and to stipulate the terms of a settlement should the marriage end. Those entering into them should understand what they are agreeing to in order to avoid being saddled with unfavorable terms.
While most New York residents who are entering into divorce proceedings may be fully prepared to split their marital assets with their soon-to-be ex-spouses, they may be less than willing to part with any of their saved retirement income. Yet the contributions made to a retirement account (such as a 401k) during a marriage come from marital income (and are thus considered to be marital assets). How, then, might one be able to avoid having to divide up their 401k in their divorce?
After your divorce, collaborating with your spouse may be the last thing you want to do. Unfortunately, if you and your ex have young children together, communication and collaboration may be necessary for the foreseeable future.