Many couples in New York and throughout America have likely thought about the impact that divorce could have on their finances. They may have also pondered how it could impact their access to an affordable health care plan. If you have thought about divorcing your spouse for strategic reasons, it is important to understand both the potential benefits and potential downfalls of doing so.
When is Collaborative Divorce A Better Option?
Making the choice to end your marriage is not easy, and there will be various complex issues to resolve throughout this process. Some New York couples are able to address their divorce disputes through the collaborative process, while others will opt for a traditional litigated divorce. Our attorney employs the appropriate methods and resources necessary to help you reach a beneficial conclusion.
Every divorce is different, and at Trotto Law Firm, P.C., we believe that each client deserves individualized legal counsel. Call us to discuss your divorce needs at 585-453-0040.
Benefits To Collaborative Divorce
Some of the benefits of collaborative divorce include the following:
- More efficient process.
- Negotiating and requesting what is in your best interest, not position negotiation.
- Finding the best results for both spouses.
- Use of allied professionals — mediators to facilitate discussion, financial professionals to create budgets and help divide assets, taking into consideration taxes and further retirement, social workers and mental health professionals to help counsel parties through divorce and create parenting plans for children.
- Doesn’t bring the kids into the court system.
- Less stressful than a traditional, litigated divorce.
- Leads to more workable, sustainable divorce agreements.
One negative is that not many attorneys are trained in the process of collaborative divorce. But at Trotto Law Firm, P.C., we are.
Traditional Divorce Versus Collaborative Divorce
Traditional divorce
Traditional divorce often involves litigation because a couple is unable to reach reasonable conclusions to many of their divorce-related disputes. However, collaboration offers you the opportunity to address your conflicts in a way that is productive and respectful outside of the courtroom.
Collaborative divorce
Collaborative divorce can be used very efficiently for the right couples, while others need the more traditional route of litigated divorce. Whatever the right path is for you, we will tailor our strategy for your divorce case to suit your objectives.
If you’re considering collaborative divorce versus traditional divorce, several factors should be emphasized. Collaborative divorce aims to troubleshoot problems and reach beneficial settlements through good-faith negotiations and discussions that are focused on both spouse’s interests. For more information, contact the local Rochester association.
You could help your child qualify for financial aid
When students apply for financial aid, whether or not they get accepted and the amount of aid they are offered depends on how much their parents make. If parents make too much, student aid can be denied altogether. If you were to divorce, the application would depend on only the custodial parent’s income instead.
You might save money on taxes
Taxpayers who are in the 37% tax bracket may be better off filing their taxes individually instead of as a couple. Based on tax brackets for the 2019 tax year, a person could save $900 by filing as a single person as opposed to jointly with a spouse. However, a divorce could also mean losing the ability to put money in a retirement account on behalf of a spouse.
You could lose control of a business
If you and your spouse owned a business together, it may be necessary to divide it as part of a divorce settlement. Therefore, you could lose your ownership stake or other rights to benefit from any future revenue it produced.
Talking with a family law attorney may help you better understand the potential consequences of ending a marriage. This may make it easier to decide if a divorce is worthwhile whether it is done for strategic reasons or other purposes.
A Lawyer Who Cares With Experience You Can Trust
A Rochester divorce lawyer will advocate for you during your divorce, whether collaborative or traditional. Learn more about your options by contacting our Rochester office online or calling 585-453-0040 to schedule your case consultation.
