Divorce can be an ugly business. Anything charged with the emotions of ending a marriage has the potential to do more damage. Even when partners have come to terms with their emotional issues, many of the lingering problems with divorce come with sharing out the assets that were combined in the marriage.
When significant assets must be dealt with in a divorce case, it is important for people in New York to ensure that every resource is thoroughly researched so that final ruling leaves neither side disadvantaged. One such resource is a 401k. Many go into divorce proceedings failing to realize that 401k contributions made during a marriage are considered to be marital property. Given the earning potential that funds in a retirement account have, the money to be divided from a 401k can ultimately be among quite high.
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.