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Why you should reevaluate your retirement during divorce

Divorce means radical change to your financial situation, including how you plan your retirement in New York. If you and your spouse are calling it quits, now is a good time to reevaluate your retirement portfolio, especially if your spouse had heavy involvement in your financial retirement decisions. The circumstances of your divorce plus the fact that you will have to make your investment choices on your own can dramatically impact how your retirement turns out.

Some spouses have no problems with the way their partners handle their retirement plans. Others, however, might silently take issue with the decisions of their spouse but do not want to rock the boat by voicing objections. If you find that your spouse’s financial choices were too flawed, you may end up having to radically reshape your retirement strategy now that you are on your own.

Personality changes and divorce

Marriages end for an array of reasons, but some can be more difficult to explain and less evident. For example, someone who has been subjected to domestic violence may understandably want to move on in their life and take steps to prevent additional abuse. Or, someone who has been cheated on may no longer wish to remain in the marriage. However, some people may also file for divorce because their marital partner is not the same person as a result of personality changes.

Someone’s personality may change for various reasons, whether they develop a substance abuse disorder, experience some sort of trauma or struggle with the consequences of a brain injury. They may become excessively angry or become difficult to be around, and these changes can spell disaster for the future of a relationship. In some cases, counseling and other strategies are able to address unhealthy behavioral changes, but some people will never be able to recover from certain issues or restore feelings of love in their relationships.

Effects of divorce on children

Every day, children in New York live with the effects of their parents’ decision to divorce. To be clear, sometimes these effects are good, especially in scenarios where one parent was abusive and has now lost all custodial and visitation rights. However, there are negative effects on children too, if both parents cannot cooperate to find peaceful resolutions to shared problems.

According to CNN, judges still overwhelmingly side with women when it comes to awarding primary custodial rights. This may often result in children losing contact with their fathers. However, it works the other way around, too. Sometimes mothers are the ones who get the short end of the stick. In either case, it creates a scenario where a child may lose contact with a parent who they previously shared a close bond with. Children may also face negative financial consequences when parents do not pay child support.

Ways divorcing couples can resolve business ownership

Some married couples may own and run a business together. But when a couple in New York decides to split, the business they own could end up being sold with its proceeds split between the spouses. If you are facing divorce and want to save your business, you may consider asking your spouse to sell his or her interest in the company. However, such a request might not be easy and may involve some negotiating to make it happen.

Ideally, a couple that owns a business has drawn up an agreement that provides for a way to dissolve the partnership efficiently, such as offering a buyout agreement that a spouse can use to buy out the ownership interest of the other spouse. However, this may not always be the case. If it is not, you might still want to buy out your spouse but are not sure how to go about it.

Courtroom etiquette is critical to supporting reputation

When a couple in New York makes the choice to divorce from each other, they may experience feelings of anger, resentment and frustration towards each other and the untimely dissolving of their relationship. Many times, these strong emotions can carry over into court appointments where authorities are trying to facilitate the negotiation of important decisions regarding the couple's future. However, practicing respectful courtroom etiquette can actually play a critical role in a person's ability to support a professional and trustworthy reputation. 

Take child custody for example. In these types of court hearings, both parents are often adamant about why their child should continue to live with them. The discussion may become heated as strong opinions are shared and concerns are voiced. While some people are able to continue being courteous even under intense pressure, others become agitated and can be rude or disrespectful. A person's ability to stay calm despite potentially frustrating situations can make a surprising difference in the outcome they experience. 

Your prenuptial agreement may be invalid

If you are getting a divorce in New York and you have a prenuptial agreement, you may think you do not have to make any decisions because of the document. However, there are a number of factors that may cause the judge to throw out the prenup, which means you have to renegotiate finances and how to divide assets and debts. If you came into the relationship with the majority of assets, this could be detrimental to your case.

FindLaw discusses obvious reasons, such as it is not written down or one or both parties did not sign it, for invalidity, as well as some other factors to consider. Some of these include:

  • No time to read or consider - if one party does not read the agreement or does not have time to look it over with an attorney, it may be invalid
  • Pressure from other party - if the spouse, a family member or lawyer forces the other party to sign it, the judge may not consider the prenup
  • Incomplete or false information - both parties must present all facts regarding debts and assets, and factually, or the agreement is invalid
  • Unfair clauses - even if both sides agree and sign it, the judge may say the prenup is invalid if it is exceptionally unfair to one party

How to prepare for your divorce

If you and your spouse have not been getting along for a while, you may be thinking of a divorce. Before making that life-changing decision, you should both ask yourselves some questions to see if your relationship is salvageable. If not, there are things you can do to prepare for a divorce in New York, which will help the proceedings go a little easier.

According to the New York Times, couples should take the time and effort to consider a number of questions before deciding divorce is the only option. By the time divorce talk begins, emotions can confuse things, so it may be a good idea to go over the following questions with a third party:

  • Do you still love each other?
  • Do you both understand the issues in the relationship?
  • What could help save the marriage?
  • Do you agree on the roles each of you play?
  • Do you really think you will be happy without each other?
  • How can you prepare the children for divorce?
  • Are you ready for the financial consequences of divorce?

America's gig economy and delinquent child support

Child support is relatively straightforward in New York. The court applies a standard formula to the combined total of parental income and assets to set respective amounts of child support. While both parents usually share physical custody, children often live with one parent most of the time and receive visits or weekend and vacation care from the other parent.

Parents' child support should pay for the children's education, medical insurance, any special care for a child with a disability, clothing, school supplies and entertainment. The person who sees the children less often usually gives his or her child support share to the primary caretaker.

How does money affect your decision to divorce?

Couples in New York who are of a high-net worth may be at greater risk for divorce. A number of factors may determine the chances of a couple staying together, and money can even be a factor in how amicable the divorce proceedings are.

CNBC argues that rising incomes and good economic times often lead to higher divorce rates, and there are various reasons for this. In marriages in which one spouse makes the money and the other stays home, there may be resentment over the financial disparity. Even if both spouses work, one of them may work long hours or travel frequently, which can cause issues. Credit scores also seem to play a part in divorce, as couples with a large mismatch in scores often do not make it together past five years.  

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