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White Plains Divorce Law Blog

How to manage finances during a divorce

Many of our readers in New York have significant concerns about how a divorce will affect their lives. For some people, the biggest concern is from a financial standpoint. After all, we all know that a divorce case can leave a person with only about half of what they had as part of a married couple. So, what can one do to manage finances during a divorce?

Well, as a recent news article discussed, there are a few tips to keep in mind. For starters, having a budget in place is important, particularly one with an eye on post-divorce life. Will one need a new car? A new place to live? New insurance options? How will monthly grocery needs change? These considerations, among many others, will likely have a significant effect on a person's finances, both during and after a divorce case.

Large purchases in the midst of a divorce

Any type of divorce case in New York can lead to significant stress for those involved. But, high asset divorce cases can be especially complex when hundreds of thousands or even millions of dollars in assets and debts are involved. People who are involved in these types of cases oftentimes feel like they cannot make any financial moves while the divorce case is pending. A recent news article explored the question: "Can you make large purchases in the midst of a divorce case?"

As the article alludes to, the answer to this question, like the answer to many legal questions, is, "it depends." For example, perhaps, the large purchase being contemplated is the purchase of a new home. After all, the soon-to-be ex-spouses will need separate places to live post-divorce, right?

Know the basics about child custody issues in New York

When a married couple in New York has children together and decides to get a divorce, emotions can get the better of all involved. After all, for most people with kids, their children are of paramount concern in their lives. Even with a divorce, parents want what is best for their children. That is why it is important for New York residents to know the basics about child custody legal issues.

For starters, there are two aspects of custody: physical custody and legal custody. Physical custody refers to where a child will actually spend time and live. Legal custody refers to who will have the right to make important decisions that will impact the child's life, such as where the child will attend school or church, or even which extracurricular activities a child will participate in. In a divorce involving child custody issues, the ultimate divorce decree will address both physical and legal custody. How a court addresses these issues is usually up for debate.

What property division issues come up in a high asset divorce?

There are a multitude of issues that come up in any given divorce case, but property division is oftentimes one of the most contentious for a divorcing couple to address. Why? Well, when it comes to dividing assets and the financial impact that process can have on the couple, there are some long-term results that both parties often try to get the best of each other on. In a high asset divorce, property division can be even more impactful.

So, what property division issues are likely to come up in a high asset divorce that could complicate the parties' efforts to resolve the divorce? For starters, there is the process of disclosing all assets to each other, which can be quite a process if there is a long list of assets, funds, accounts, real estate holdings and even artwork that will be a part of the division of assets. Debts are also included in the property division process, so outstanding debt will also need to be accounted for. In high asset divorces, both assets and debts can be in the hundreds of thousands, if not millions, of dollars.

Spousal support basics in New York

Spousal support can be an important concern for divorcing couples to resolve. Because of its importance, it is helpful for divorcing couples to understand how spousal support is determined so the spouses know how long they will need to pay spousal support and how long they will receive spousal support.

Spousal support may be awarded by the court, requiring one of the former spouses to pay the other spouse following the divorce. The couple may also agree to spousal support which they may reach through a mediated divorce process. Spousal support is available to ensure both spouses are as financially secure as possible following the divorce. In some instances, one spouse may have remained out of the work force to care for the home and family and may lack the training or skills necessary to obtain a job outside of the home.

Helpful tips when parents need to modify child support

Life can change following a divorce and the establishment of a child support order which is why the family law process accommodates the concerns parents may have. When life changes, such as a job loss, a change in household income, a change in marital status or a serious injury, a parent may require a child support modification.

It is important that parents know how to pursue a child support modification when they need one and when a child support modification may be granted. To begin with, it is important for parents to promptly seek a modification from the family law court when they need one because they will need to continue paying child support according to the current child support order until any modification is granted. It is also necessary not to ignore a child support order and to utilize family law resources when needed.

What is an uncontested divorce?

An uncontested divorce is one option for divorcing couples to consider if they agree to the divorce and can agree on the major issues related to their divorce. During any divorce, divorcing couples will need to resolve divorce-related concerns including property division, child support, alimony and child custody and different family law resources can help them do that.

Divorcing couples may wonder what an uncontested divorce is, however, and what one involves. An uncontested divorce can save divorcing couples time and money as an alternative to a litigated, or disputed, divorce which can be more costly and time consuming. Like any divorce process, an uncontested divorce begins with one of the spouses filing for divorce. In circumstances of an uncontested divorce, the other spouse agrees to the divorce and the paperwork process is usually more streamlined.

Considering mediation as a resource during divorce

The end of a marriage can be a difficult time for divorcing couples which is why they should be familiar with all of the family law resources available to help guide them through the process. Divorce mediation is one option for divorcing couples to consider in lieu of traditional divorce litigation which can be less time consuming, costly and acrimonious in some circumstances.

The divorce mediation process can help divorcing couples resolve their divorce-related concerns such as property division, child support and child custody. The divorce mediation process brings the divorcing couple together to resolve these issues with the help of a neutral third party or mediator. The mediator and mediation process can help the divorcing couple work through their divorce settlement agreement to reach a settlement agreement they can both live with.

Child custody protections for parents on military deployment

There are many people in New York who are in the military. One of the requirements of being active in the military is that they will be deployed at some point in time. During these periods of time people will be stationed in different countries around the world and be separated from their families during that time. This can be difficult for anyone, but it may be very difficult for parents who must leave their children behind. If the parents are divorced or no longer with the other parent, it can also create child custody issues.

Clearly while people are deployed, they cannot bring their children and exercise any visitation rights they have or exercise their custody rights. However, there are custody protections for parents through the Servicemembers Civil Relief Act and other laws. These laws try to ensure that major custody decisions cannot be made while the parent is deployed. Hearings can be delayed or stayed for periods of time so the parent can attend.

What is a cost of living adjustment and how is it applied?

There have been many changes in society in New York over the years and things continue to change. These changes are often seen in technology, which seems to be changing all the time. These technological advances can completely change life and lifestyles even over the course of just a decade. There are also other common changes as well and one of those is that the cost of living continues to go upward. Various products and services continue to become more expensive as the years pass.

This means that people need more money in order to keep the same lifestyles as the cost of living continues to grow. Therefore, people can request cost of living adjustments to their child support orders. These are basically increases in child support that correspond to the increases in the cost of living in the area.

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