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New York Family Law Blog

Smart money management can help those going through divorce

One of the most challenging parts of any marital breakup is handling the financial aspect of it. Unfortunately, the wrong money moves during a divorce proceeding can end up harming rather than helping the person going through divorce. However, some tips might help divorcing individuals to make the right financial moves during their marital breakups in New York.

First, it is a wise idea for people going through divorce not to count on spousal support or child support. The reason for this is that about 60% of accounts for child support in particular have arrears. In other words, the majority of support recipients do not end up receiving the full amounts they expected to get. In light of this, divorcing individuals may want to create budgets that do not reflect these support amounts, just in case they end up not receiving them.

Divorce impacts parents with special needs child

Getting divorced can understandably be a tough ordeal for any family in New York. Still, it poses unique challenges for a family that has a special needs child. Here is a glimpse at the options that these types of families have when facing divorce.

A special needs child requires an additional level of parental support than a child without special needs does. This is because this child may struggle with issues such as autism, addiction, attention deficit disorder, Down syndrome or learning disabilities. He or she could also face physical problems -- for example, diabetes and hearing loss.

Modifying child support amount is possible following divorce

The dissolution of a marriage in New York can be complex, especially when this process involves children. Not all families approach child custody in the same way. However, divorce courts often require noncustodial parents to give child support to the custodial parents so that the custodial parents are not left to support their children financially on their own. Here is a glimpse at some important facts to consider about child support.

For one, the child support amount that a parent is paying can be modified as needed. Courts usually base calculations for support on the two parents' earnings, how many children they have and how frequently they are with them. Courts may also look at who is covering the school costs, medical insurance and daycare costs. However, a court may modify its calculations if the paying parent ends up experiences changes in his or her finances or health.

It is okay to consider a "grey divorce"

Social norms are constantly shifting. Subjects that were once considered too taboo to even bring up in conversation now have their own dedicated magazines and television shows. One subject which is a core value to many people is undergoing a transition: marriage and divorce.

What some people are calling "grey divorce" is becoming more common across the nation. Married couples with a few, or maybe more than a few, grey streaks in their hair are choosing to divorce more than ever.

Perception over child custody and visitation is changing

When New York parents make the decision to divorce, they are likely quite concerned with how this decision will affect their children. Most parents want what is best for the youngest members of the family and strive to make smart child custody and visitation decisions, but this is not always easy. For many families, joint custody is now the preference as it gives children equitable access to both parents.

Joint custody is not necessarily the new standard, but it is becoming more common. Courts now recognize the fact that children benefit when allowed to maintain strong relationships with both parents, but it hasn't always been this way. In the past, fathers had a very difficult time getting anything more than weekend visitation with the children. Courts now often assume that parents will share legal custody, which is the right to make decisions for the children. They also are more prone to encourage shared physical custody.

Four considerations when telling your kids about your divorce

Telling your children about your upcoming divorce may be one of the most difficult conversations you have with them. Every child is different and may react in a different way, and depending on their ages, your children may have a limited understanding about what divorce means. Although every situation is unique, there are some general considerations to keep in mind when you decide it is time to tell the kids.

Call a family meeting

Divorce complicated by cryptocurrency

During the marital dissolution process, it is natural for spouses to fight over their money. For this reason, it may not come as a surprise that cryptocurrency, such as bitcoin, may quickly become a point of contention during divorce in New York. This is particularly the case with cryptocurrency surging in popularity during the past couple of years.

Cryptocurrency has existed for about 10 years now, but it entered the mainstream in 2017 when the price of bitcoin skyrocketed to $20,000 a coin. It has since lost much of this increase in value. In 2018, just 5 percent of people in the United States had cryptocurrency. However, a recent survey revealed that an extra 21 percent of people said they would be interested in purchasing this type of currency.

Divorce after age 50 can impact retirement

People who are engaged in New York usually imagine themselves getting married and then staying that way till death do they part. The reality is that, sometimes, divorce cannot be avoided. In fact, in some situations, spouses end up breaking up when they are near their golden years. Here is a glimpse at what people can do to protect themselves financially if they decide to get divorced over the age of 50.

First, older individuals going through the divorce process may benefit from conducting cash-flow analyses right away. These analyses will show them how much money they will be bringing in every month, following the divorce versus before the divorce. With this information, they can effectively determine if they should trim their expenses and/or increase their earnings to stay in the positive financially, after getting divorced.

Divorce can be tougher with a narcissist

Getting divorced can understandably be challenging even in the most amicable of situations. However, the process can be that much harder for those whose spouses have narcissistic personalities. Here are a couple of tips for those going through the divorce process with narcissists in New York.

First, gathering important papers early in the divorce process is critical. These papers include passports, the marriage license, a future ex-spouse's records related to work and taxes, bill copies, birth certificates, checkbooks, and a prenuptial agreement if one was created prior to the wedding day. Securing these documents right away is wise because once a person who is married to a narcissist files for divorce, the narcissistic future ex-spouse may not grant him or her access to these papers.

Inadequate counseling, religious conflict contribute to divorce

According to researchers, fewer people are getting divorced today than in years past in New York and other parts of the United States. Still, divorce is unavoidable in many circumstances and for various reasons. Based on recent research, two common reasons for divorce today are the absence of quality premarital counseling and differences in belief systems.

These two factors apparently play a role in around 13 percent of today's divorces. Regarding premarital counseling in particular, survey participants acknowledged that premarital counseling does not provide all of the education that couples need to make a marriage work. For instance, although counseling sessions usually provide education on communication as well as resolving conflict, they do not cover the different phases of a marital union that couples can expect to go through over time.


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