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Buffalo Divorce Law Blog

Debt can become a problem during divorce in New York

One of the most unsettling parts of a divorce proceeding for a couple in New York is not to see eye-to-eye with a spouse when it comes to the financial aspect of the split-up. This is particularly true if the two individuals have joint accounts for which they both are responsible. A few tips will help a person to navigate the murky waters of divorce when his or her credit score is at risk of being damaged due to the other party’s actions.

First, it’s helpful to settle up with a soon-to-be ex as soon as possible. For example, a person can avoid many headaches if he or she is able to complete making payments on joint debts with a spouse before drawing up divorce papers or during the divorce. It might be necessary to use available savings or cash to wipe out this debt. The couple may even use the profits from selling their marital home to get rid of the debt.

Divorce can be financially complicated in New York

When a person has become accustomed to sharing a home and finances with a spouse, he or she might feel that life has been turned upside down when a divorce happens. Even though it can be tough to part ways emotionally, it can likewise be difficult to split up from a spouse monetarily. When going through a divorce in New York, it is essential that one makes decisions with his or her financial future in mind.

It is important to analyze one’s separate financial obligations and resources following a divorce. This makes it easier to prepare for independent living as a single person. In addition, if an individual plans to remarry, it would be wise for the person and his or her new spouse to fully disclose their debts and assets before they exchange wedding vows.

Prenuptial agreement governs splitting of assets in divorce

People in New York generally enter marriage with the expectation that the years ahead will be filled with marital bliss. However, things don’t always work out as expected. That is why putting together a prenuptial agreement is becoming increasingly common. This type of agreement helps to protect the assets that an individual brings to the table if his or her marriage ends in divorce later.

Prenuptial agreements are particularly wise to create if two people are joining a large amount of assets and income. Both individuals enter into this type of contract before they walk down the aisle. The agreement covers how the couple’s obligations and assets will be distributed both during the marriage and after a divorce.

Prenuptial agreement could get thrown out during divorce

Getting a prenuptial agreement in New York can be a wise way to protect oneself financially in the event of divorce. The problem is that even though an agreement might outline who will get to retain which assets when they go their separate ways following a divorce, one party could attack the agreement, calling it unfair. This can lead to a battle that unfortunately has negative emotional and financial consequences.

The amount of property a divorcing person receives may end up being lower than what a person would normally get as a result of what is stipulated in a prenuptial agreement. In this case, the individual may try to get the contract set aside. This might happen if, for instance, a person will end up with a smaller amount of alimony than what he or she would have gotten without the contract.

Prenuptial agreements helpful during divorce in New York

Although people usually are excited about joining together in matrimony in New York, they often don’t ponder the fact that they are also joining their finances. Joint finances can be helpful for achieving joint goals during a marriage, but it can pose real problems if the couple decides to get a divorce. This is why a prenuptial agreement is valuable to create before getting married.

About half of marriages in America will result in divorce. Drafting and signing a prenuptial agreement allows both parties to dictate the financial terms associated with the marriage and a potential divorce. People can use this type of agreement to safeguard a wide variety of assets so that if a divorce happens, both people take what they believe is rightfully theirs.

Child custody decisions revolve around the welfare of the child

Even though battling over who gets to keep certain retirement monies or the vacation home can be an emotional battle, arguing over who will keep the children can be even more trying when two people have decided to get a divorce. Child custody can be one of the most challenging areas on which two divorcing individuals agree, as both parents may equally feel that they should be the ones to primarily care for the children they love. It can also be difficult for New York children to mentally and emotionally cope with the situation.

It is usually best for the children to end up with the parent who primarily cared for them while the couple was still married. In this way, the divorce will be as undisruptive as possible for the kids. The judge will often award a parent physical custody if he or she offers a home and neighborhood as well as schools with which the children are already familiar. If neither parent has the ability to properly care for the children, the court may choose to grant non-parental custody.

Property division can spark disagreement during divorce

After working so hard to help build the life that one shares with a spouse in New York, it can feel like a blow to lose many of the couple’s shared assets during a divorce in New York. When two married people decide to permanently split up, property division is often a major topic on their agenda. Some of the most common types of property that couples battle over during divorce include retirement assets, business interests and life insurance.

Divorcing couples also may fight over real estate and stock. Although a person may be primarily consumed with trying to get his or her fair share of these assets, the individual might not be taking into consideration tax consequences of certain divorce settlements. For instance, people will get taxed on retirement account money that is withdrawn.

Pets at center of many divorce "custody" battles in New York

When people imagine having a custody battle with a soon-to-be-ex in New York, they likely think about fighting over which parent will keep the children and make major decisions regarding them. In today’s world, however, custody battles have taken on a new look in divorce proceedings. The family dog is now being caught in the middle of more marital dissolutions.

A growing number of Americans own pets, and with more couples delaying parenthood, pets are becoming increasingly valued in families. However, even though pets may sometimes be viewed as “children,” they are viewed as property by a divorce judge. Some judges say that the person who would like to keep the pet will have to pay the other party for this privilege.

Divorce outcome has an impact on financial future

Getting divorced in New York is often an emotional event because of the major financial issues that exist between the couple. Arguments often occur over the fair distribution of assets and property, such as the marital home. A financial analyst who specializes in divorce may be helpful for addressing the financial future during this challenging time.

When a married couple’s finances are complex, the two parties may be confused about how they can best achieve an agreement. Proper financial advice can help them to know all of their options before working toward a settlement. In addition, understanding divorce laws can ensure that both parties' rights and best interests are considered in this settlement.

Financial management important during divorce in New York

When people are going through a divorce and their lives feel out of control in New York, one of the worst things that could happen is for their finances to be out of control at the same time. While a person is dealing with the emotional complications of ending a marriage, financial complications can be like salt in the wound. A few tips can help a person to manage his or her finances during a divorce, which can make it easier to support himself or herself when the proceedings are concluded.

First, it is wise to examine one’s income and expenditures and determine how it will be different after the divorce is complete. A new household budget can be established by using these figures. Gathering information about savings, investments, credit card debt and utility bills may be helpful during this process.

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Keith B. Schulefand, ESQ | No Fault Divorce

Keith B. Schulefand, ESQ | No Fault Divorce


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
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