When a couple acquires property or assets during a marriage, they are rarely thinking about what would happen to it if the marriage does not work out. Unfortunately, about 50 percent of marriages end in divorce, which is why it is important to understand how the dissolution of one's marriage will affect the property they have accumulated over the years, in addition to the inheritance or property they came into the marriage with.
While the benefits of prenuptial or postnuptial agreements are immense when it comes to property division and debt distribution during a divorce, the document is of no value if it is not legally enforceable. Like all contracts, certain legalities must be completed so that such agreements can withstand challenges in court. Otherwise, it can be thrown out of court and New York property division rules may be applied.
Though the benefits of signing a prenuptial agreement far outweigh the cons of it, many New York residents are still not prepared to enter into such an emotionally charged conversation right before tying the knot. They also believe that talking about divorce might jinx a marriage, therefore avoiding the important talk about what to do in the event that a marriage ends. However, it is important to know that married couples who forewent a prenuptial agreement can enter into a postnuptial agreement to protect their assets just as thoroughly.
Dividing property during a divorce is often so complicated that disputes around it can turn am amicable divorce into a acrimonious one. Decisions such as 'who gets to keep the house' and 'who gets the stock portfolio' are important ones that can lead to hours of wrangling in a conference room, but many New York residents may not even be aware of a further complicating factor in property division-the date on which the assets will be valued.
The division of assets is something that all divorcing couples in New York must address, which is why it is useful to understand. Knowing how property is divided in New York can help couples going through the divorce process negotiate a fair settlement agreement. During the property division process, many questions usually come up.