Marriage changes everything for two people, and divorce often does the same. Assets that were joined together have to be separated between individuals, and financial plans are irrevocably altered for both people. Divorce when people are young often gives them more of a chance to rebuild lives on their own. This changes as people age.
It is not uncommon for people in New York to wish they could find a way to keep their homes when they get divorced. A home often has a lot of emotions and memories attached to it, making it difficult for people to view it as simply a piece of property. However, when getting divorced, it is important to assess a house financially.
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?
There are many ways that you could lose your assets or see them diminish in value during a divorce. At the law office of Robert G. Smith, PLLC, we use a variety of strategies to address these diverse risks.