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New York Family Law Blog

Financial preparation may make divorce process easier

Ending a marriage can no doubt be a complicated ordeal in New York. Although divorce can be hard to process emotionally, the financial aspect of divorce can also be a source of confusion and stress. However, taking steps to understand one's financial situation before filing for divorce may help to make the divorce process easier.

For starters, it is a good idea to retrieve several types of documents to gather essential financial information. These documents include statements for bank accounts and credit cards. They also include statements regarding retirement and investment savings as well as bill statements. Likewise, a previous tax return may provide helpful financial data. This information can show a divorcing spouse what his or her current liabilities and assets are.

Should I secure a new financial adviser during divorce?

Financial advisers are essential when it comes to managing and maintaining wealth. However, even if you spent years developing a personal relationship with your adviser, it might be time to move on. You and your soon-to-be ex-spouse have your own financial needs, priorities and wishes. Using the same financial adviser during divorce can compromise your current and future financial security.

You might feel resistant to making a serious change during a period of adjustment, such as divorce. If this is the case, consider your final goal. You probably want a clean emotional and financial break from your spouse. Sharing professional advisers, including those for financial purposes, does not support that clean break and can even hinder your future success.

Emotional reasons for getting a divorce are on the rise

Two spouses may decide to break up for a variety of reasons, including infidelity or financial conflict. However, according to new research, the top reason why people get divorced in New York and elsewhere is the inability to feel emotionally fulfilled in the marriage. According to researchers, emotional and psychological factors in divorce are growing, whereas violence- and addiction-related factors are plummeting.

The researchers explained that the top emotional factor in divorce today is if one or both parties fall out of love with the other. The next most common factor is the failure to communicate. When two married individuals do not express how they feel to each other, this can have an adverse impact on their union in both the short term and the long term.

Divorce proceeding doesn't have to be filled with conflict

Ending a marriage is challenging on many fronts. For instance, individuals with young children may argue over who should get custody of the children. Couples may also disagree about how to divide their shared property. Fortunately, taking a couple of steps may help to reduce conflict during a divorce proceeding in New York.

First, it is often helpful for those going through divorce to avoid arguing over minor objects during the property division process. It is natural to feel connected to certain items in the home. However, if they are not high-value assets, getting into tiffs about them with a future ex may not be worthwhile, especially if it creates unnecessary tension in the process. Instead, it makes sense to focus on larger assets that have a direct impact on post-divorce finances -- like the marital home.

Credit score requires attention during divorce proceeding

Having to face major life changes is inevitable during the process of getting divorced. Naturally, those going through divorce in New York may feel that they do not have a say in the outcome of the process. However, they can take specific steps to put themselves in the best position to succeed financially, including being proactive about their credit.

First, after people decide to divorce, it is wise for them access their credit reports as quickly as possible. It is critical that they pull credit reports with complete lists of trade lines, rather than reports that only give them their credit scores. Credit reports can be purchased from TransUnion, Experian or Equifax -- the three chief credit bureaus.

Preparing for divorce this summer involves a few steps

Research shows that many struggling spouses contemplate getting divorced during the summer season. Part of the reason for this is that they may spend more time together in the summer -- for example, to go on vacation -- and this may exacerbate any marital problems they are having. Here are some important moves to make when considering divorce this summer in New York.

Before moving forward with divorce, individuals might want to do their reconnaissance on their financial situations. For instance, they can find out how much money they have in their bank accounts. They can additionally learn how much debt they have on their credit cards. The more they know about both their liabilities and their assets, the more capable they are of making informed decisions when tackling the distribution of marital property and debt.

Yes, it's possible to keep stress levels low when co-parenting

You're definitely not the first or last person in New York to get divorced, but as a parent, you have additional concerns that couples without children don't face. It's understandable that you want your co-parenting relationship to be as low-key and non-stressful as possible. If you get along well with your ex, that might not be a problem.

However, many co-parents disagree about custody, visitation or finances. In fact, these causal factors often lead to divorce in the first place. In your post-divorce co-parenting arrangement, you definitely don't have to let your ex walk all over you. You have rights and it's critical that you know how to exercise them or, at least, where to get some help if you're unsure.

Child custody and visitation can impact children emotionally

Battling over the family home and alimony is not uncommon during divorce proceedings in New York. However, for parents with young children, dealing with the ins and outs of child custody and visitation can be particularly challenging. They may especially be concerned about protecting their children emotionally during such a tumultuous time. Here are a couple of steps they can take to achieve this during the marital breakup process.

First, the parents may want to develop a parenting plan that allows both of them to be with the children often. If the parents live about 15 to 20 minutes apart, this is feasible to do long term. This is an important move post divorce because it can help the children to feel more mentally stable. Also, they are less likely to feel resentment toward the parent who does not live with them because they can see this parent and still see their friends or participate in their favorite extracurricular activities.

Those who have previously divorced more likely to gray divorce

People of your parents age typically remained married even at the expense of their own happiness. Today, more people over age 50 are divorcing than ever in what is known as a gray divorce. As the Baby Boomer population ages, it’s likely that this trend will continue in the future.

Among the most significant determinants for a gray divorce is whether you’ve divorced in the past. Someone who has divorced before is more likely to have another divorce that someone who has not. Here are some surprising facts on gray divorce:

Child custody and visitation dispute may spark range of emotions

When two people in New York go through divorce, they may naturally feel angry, sad and frustrated. If they have young children together, their children may feel the same way as well, especially if they feel caught in the middle of a child custody and visitation dispute. However, divorcing parents can make the divorce process easier on the children in a couple of ways.

First, parents who have decided to get divorced may want to try to keep their children's lives as normal as possible. As an example, perhaps the two parents get along relatively well even though they are divorcing. In this situation, they may still want to take their children to dinner as a family or watch their favorite sport team play together. If the parents do not get along, they may still want to do these activities with their children individually.

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