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divorce and family law Archives

Women often face financial surprises during divorce

Almost half of all divorcing women in New York and around the country face unexpected financial issues during the process, according to a study by Worthy. To avoid such situations, many experts suggest that women investigate their financial situation before heading to court.

Retirement readiness affected by divorce

New Yorkers preparing for divorce can expect to see cascading financial effects over their lifetimes, indicated a study by the Center for Retirement Research at Boston College. While many people choosing to end their marriages fully expect an array of short-term financial, emotional and practical repercussions, the effects can linger over the years, especially when people who have been divorced don't make changes to their financial planning as a result. In particular, this study examined people's readiness for retirement, looking at how divorce impacted people's ability to maintain their standard of living after leaving their jobs.

The ins and outs of joint legal custody

Divorced parents in New York who have joint legal custody may not share physical custody as well. It is not uncommon for one parent to have visitation rights but also share legal custody with the custodial parent. Legal custody gives parents the right to make decisions for a child about issues such as religion, medical care and education.

Chores, finances can lead to divorce

For many people in New York who decide to divorce, the end of a marriage comes after a lengthy period of unhappiness, often marked by arguments and fighting. While many may assume these arguments are most divisive when they address issues around child-rearing or infidelity, even mundane topics can lead toward divorce. For example, extensive disputes over housework and the distribution of household chores can be an indicator of the potential for a marriage to end.

Child support collection methods strengthened

More than $33 billion in child support payments are gathered annually in the United States. The vast majority of those payments are engineered through payroll deductions. New York parents dependent upon payroll deductions for their child support might be interested in knowing that the federal agency charged with overseeing the collection process is making changes to eliminate some procedures that result in missed payments.

Retirement funds require precision in divorce

Retirement accounts are often the single largest asset held by New York couples who decide to divorce, and this can mean that dividing them is a complex and emotionally tense issue. Divorce lawyers agree; 62 percent of those who replied to a 2016 survey said that retirement accounts were the most contentious issue their clients faced. As these funds are key to the financial security of both partners, dealing with them appropriately in divorce is critically important.

Planning for divorce is a form of insurance.

Most couples in the White Plains, New York area are not considering divorce while they are planning their wedding. But many financial advisors will tell those planning on a marriage together to plan for the possibility of divorce and look to protect their personal assets.

Tax code changes to alter spousal support splits

For people in New York and elsewhere around the country who are seeking a divorce, alimony and spousal support can be some of the more complex financial issues that are addressed in a settlement or court order. Property division and other financial aspects of the end of a marriage can also lead to lengthy, contentious negotiations and filings. These issues could become even more complex after the U.S. tax bill adopted in December 2017, which introduces changes to a long-standing tax rule related to spousal support, goes into effect.

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