Many professionals in New York are well aware that money can be a significant source of relationship stress. Financial issues can be some of the most common contributors to problems between a couple. Indeed, in one study by SunTrust Bank, 35 percent of people said that finances were the primary issue in their relationship. Due to this statistic, many people may assume that the risk of divorce or separation is especially high among individuals who are just trying to make ends meet and pay the bills. However, some research indicates that wealthier couples may actually be more likely to end their marriages.
If people in New York are anything like the Danish, the jobs they do might have an impact on their risk of divorce. Researchers studied data from Statistics Denmark, which has been collecting demographic data on the Danish people since 1945, and found that certain careers had higher divorce rates.
One reason a New York fiancé may want to consider getting a prenup is to protect any assets that they have saved or inherited before they got married. The assets an individual owns before they get married will typically remain in their possession should they get a divorce. However, there are some exceptions. Substantial money can be saved if couples set aside time before their marriage to complete a prenup that will specify how their assets will be handled if a divorce occurs.
Many parents who are contemplating divorce in New York have children minor children enrolled in school. One worry that many parents have is how their children will adjust to life after the marriage is over. There are several steps that parents can take to ensure that the upcoming school year is successful.
People in New York who decide to divorce might be surprised to learn that marriage splits can be almost "contagious" among social groups. This is not necessarily because friends' marital struggles induce conflict in others' relationships. On the other hand, people with existing problems in their marriages may look at their friends' journeys as successful ways out of a difficult situation. By witnessing their friends' experiences, people might see divorce as more of a possibility for them and learn more about how the process works in practice.
Divorcing New Yorkers often find that ending a marriage can have an unexpectedly significant effect on retirement planning. Because retirement funds are often some of the largest assets held by a couple, the division of these savings can form a prominent part of any divorce settlement. After the divorce is over, both partners may have to dedicate themselves to saving in order to rebuild their retirement funds. The expenses that a retired singled person will face can be higher than those faced by a couple sharing one household.
According to a Student Loan Hero survey, 13 percent of respondents specifically cited student loan debt as the reason for their divorce. Data from Student Loan Hero also indicates that 39 percent of millennials cited debt as a significant source of stress in their lives. They said that student debt has stopped them from buying homes or taking vacations. Another study found that 43 percent of respondents said that they argued with their spouse over money regularly.
While going through a divorce in New York can be an emotional and unpleasant experience, dealing with a former spouse may not stop after the divorce is settled, especially if children are involved. Many former couples will continue to co-parent the kids until the children become adults. There are a few guidelines that co-parents can follow to make the transition a bit easier.
A recent study of 1,785 adult women who were at some point in the divorce process found that many were surprised by the financial implications of separating. Specifically, 46 percent said that they were caught off guard by issues such as the cost of the divorce or the amount of debt their household had. Many were also shocked that they would not be able to keep the marital home. The findings of the survey may be of interest to wives in New York.
The divorce of parents in New York often obligates one person to make child support payments. Someone who loses his or her job, however, might fall behind on payments. Some individuals might work out an arrangement that allows a person to catch up on payments, but unpaid child support might cause other custodial parents to request an enforcement action.