Some New York couples who are ending their marriages might qualify for an annulment and not even realize it. In short, a valid marriage is dissolved by a divorce, while an invalid one is erased by an annulment. An annulment basically makes the marriage contract null and void. Therefore, a marriage that has been declared invalid never existed legally, so neither party can rightfully say he or she was formerly married or has an ex-spouse.
Can a divorce settlement protect against future credior claims?
Choosing to end one's marriage is a difficult decision with which comes the challenging task of strategically separating assets. How assets are ultimately divided in a divorce can have a major impact on one's financial future. Some divorcing couples in New York and elsewhere may believe that the party to whom property is granted will be held solely responsible for that asset moving forward -- such as a shared mortgage. Unfortunately, this is not necessarily the case.
