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.
Many couples in New York divorce because of disagreements about finances. Unfortunately, there are several common money situations that can lead to the end of a marriage. One issue is poor communication, which can only be overcome if one spouse completely trusts the other to handle the finances. However, this can lead to problems if the financially savvy spouse dies or if the couple divorces. It is better for couples to have a monthly conversation about the family finances.
During a divorce or a separation, New York parents will have to make decisions about how they will deal with custody. If parents have joint custody, they will need to create a schedule for when the kids will spend time with each parent.
New York couples who are considering divorce might be concerned with how long the actual process will last. While it can depend on many specifics, divorce can take from just a few months to several years. In the end, how long the process turns out to be will depend on the couple and their ability to work together, compromise and negotiate.
Going through a divorce can lead to some unexpected restrictions for some New York couples. During the process of finalizing a split, there are a number of changes and actions that may require patience. Even spouses who are prepared for the financial and legal changes may find themselves surprised by some of the things that they cannot do during the divorce proceedings.
Once they begin the divorce process, New York spouses should first consult with their attorneys before making significant changes to their finances or taking certain parental actions. There are various rules and restrictions that come into play during a divorce, and not adhering to them can result in legal complications.