Jump to Navigation

Buffalo Divorce Law Blog

Debt must be addressed during New York divorce

Divorce often feels like a huge battle, with two spouses going toe-to-toe on matters such as how to divide their assets and who will end up with the family home. It's important that a divorcing individual in New York understand how to protect his or her own financial interests. A few tips can help people going through a divorce to fight for what is best for themselves long-term.

First, it's wise to cancel all joint expenses. For instance, people can remove their names from all joint utilities and credit cards. This prevents an ex from running up bills for which the other has to end up paying. It's worth noting that some creditors will allow people to do this, while others might not.

Collecting financial information is important step during divorce

When people finally decide to go through with a divorce, they may quickly become overwhelmed by all of the tasks they must complete. These include determining how to divide shared property and how to distribute assets. The first step in making sure that these matters are handled in the most personally beneficial way during a divorce is to collect important pieces of financial information in New York.

Financial advisers and personal accountants are a good place to start for getting a hold of financial information that exists for a couple. If a married couple has traditionally kept important papers in a certain area of the house, it's also wise to begin searching there for essential documents. It might further be necessary to contact insurance companies about the documents they have pertaining to oneself and one's spouse.

Collaborative divorce may make ending a marriage more amicable

When people decide to get divorced, they may immediately expect the process to be contentious in New York. Although they might not prefer to rely on a judge to make important decisions for them in the divorce, they may feel as though no other options are available. One legal option, however, can keep the two divorcing parties in the driver's seat of their split-up -- it's called a collaborative divorce.

Collaborative divorce offers an alternative to the traditional litigation process. During traditional litigation, people essentially must be willing to bear their souls to a judge and all bystanders in a courtroom. In addition to deciding which spouse will keep the family home and how other assets are divided, the judge will determine who gets custody of the kids. Unfortunately, the final rulings may not be in line with a person's true wishes.

Divorce tips can help New Yorkers to improve their finances

Going through a divorce can be tricky because of the many factors that can affect one's final settlement. Unfortunately, many people who get a divorce in New York may naturally make rash decisions based on emotion rather than on what is logically best for them long-term. A few tips can help divorcing individuals to make wise decisions when looking to end their marriages.

First, it's worth noting that a court will look at several years' worth of a person's income when determining how much alimony he or she will end up paying to an ex-spouse. However, the individual may benefit from filing for divorce during a year when he or she earned less money. This is because experiencing a recent drop in earnings might lower the person's future alimony payments.

Financial preparation for the future is important during divorce

Getting a divorce can be unnerving for a couple of reasons. First, it may be difficult to transition to being single again following a divorce. Second, it may challenging to learn how to support oneself financially without a spouse's help. A few tips may help divorcing individuals in New York to stay financially afloat today and plan for their tomorrows.

It is wise to develop a strong emergency fund. If possible, a person may benefit from putting six months' or 12 months' worth of his or her income in an account that is liquid. By having this type of fund in place, an individual can avoid tapping into his or her long-term investment accounts to cover unexpected costs. These expenses might include a hefty medical bill, costly car repair or a new furnace.

Positive approach may make divorce process easier

Divorce, unfortunately, can be a stressful experience in New York. However, some tips may help divorcing individuals to effectively care for themselves during the entire process. One way to make the divorce proceeding as positive as possible is to break up with one's spouse gracefully.

It is best if both the husband and the wife realize that splitting up is in both of their best interests. This may make the divorce feel more mutual and fair, thus minimizing stress and making both individuals feel better in the long run. It is also wise if both individuals can assume joint responsibility for the divorce, as this makes the divorce proceeding and the months and years following the breakup much easier to cope with.

Child support designed to help cover wide range of expenses

When a relationship between two people in New York goes sour, the individuals may naturally want nothing to do with each other. However, if they share a child, they will remain in each other’s lives in some form, and both legally must contribute to the child’s well-being financially. Child support paid by the noncustodial parent can help to make sure that a child’s needs are adequately met.

Child support dollars paid to the custodial parent can cover expenses linked to education and daycare. They can also help to cover a child’s health care costs, housing and everyday needs. A court will decide how much the noncustodial parent should pay based upon statutory guidelines.

Several steps can help to prevent feeling regret after divorce

Sometimes a marriage simply doesn’t work out in New York. It’s natural to regret that the union didn’t last as long as expected, but it’s not healthy to dwell on this regret. Some tips can help a person going through divorce to look on the bright side and view the separation from a healthier perspective.

Once the divorce has been finalized, people might wonder if there’s a chance they could rekindle a romance with the ex-spouse. Research shows that cyclical couples -- those who remarry after divorcing -- often have low satisfaction and communication levels. Although breaking up naturally can be hard, getting back with an ex can be just as difficult.

Divorce near retirement is on the rise

No one likes to take a financial hit as a result of a divorce in New York. However, people over 50 often have the most to lose in a divorce because they typically have acquired much more over the course of their lives than a younger individual would have. One out of four people are now getting divorced past age 50, right before their retirement years.

In 2010, over half a million people got divorced at age 50 or older. This is much higher than the number who got divorced in this particular age group in 1990, which was 200,000. Many of these individuals’ chief challenges include dividing accumulated assets as well as gaining control over their finances.

How property division works in a divorce in New York

Divorce is often a challenging process for the two parties involved, particularly because two individuals often can’t find common ground when it comes to handling their assets and other valuable property. The final divorce settlement that is reached can have a dramatic impact on both individual's future finances in New York. It is important that those who are going through divorce understand the law so that they get their rightful share of assets.

The first important step during a divorce proceeding is to draft a detailed list of both spouse's debts and assets as well as financial obligations after the divorce. An attorney can help you to differentiate between marital property and separate property. Separate property doesn't have to be divided between the two spouses like marital property does.

Do You Have a Case?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Keith B. Schulefand, ESQ | No Fault Divorce

Keith B. Schulefand, ESQ | No Fault Divorce

Location

Keith B. Schulefand, ESQ.
Attorney and Counselor at Law

1301 N Forest Road
Suite 2
Williamsville, NY 14221-3277
Local: 716-568-4453
Toll free: 888-499-1552
Fax: 716-565-1575
E-Mail Mr. Schulefand
Map & Directions