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New York City Divorce Blog

Common reasons why money can lead to the end of a marriage

While there are many reasons why a New York couple can get a divorce, money is one of the most common causes for the end of a marriage. Specific financial issues that sparked a couple to part ways differ. When there are financial concerns whether it is a high asset divorce or a divorce where the parties are of more modest means, having legal assistance is one of the most important factors in a successful resolution.

If a couple thinks differently about money, this is the foundation for dispute. One spouse might spend recklessly while the other is frugal. Financial priorities might not coincide. A spouse seeking to buy a home while the other is more interested in allocating funds differently will sow disagreement.

Does my case meet the criteria for an uncontested divorce?

In New York, the concept of divorce elicits the image of a courtroom drama with the parties in an endless cycle of dispute over various issues. This often includes alimony, child support, property division, visitation rights and more. People who are in the middle of a complicated divorce will have a litany of concerns as the process moves forward. Having legal assistance when contemplating the end of a marriage is always advisable.

Still, many people will think about their individual situation and wonder if they are candidates for an uncontested divorce. For some, this is a wise step. For others, it is a mistake. Understanding when the circumstances are applicable for an uncontested divorce and when they are not can help people make an informed decision as to whether this is the route to take.

Will non-working spouses in New York receive spousal support?

So, you have been a stay-at-home parent or homemaker for much of your marriage. You relied on your spouse to make money, while you handled the myriad responsibilities of maintaining a household. Now, it seems as though your marriage is at an end, and you find yourself feeling rather frightened about your economic prospects.

With several years or even decades away from the employment market, you may not have modern employment skills or connections that can help you get a job. The lack of resources and the diminished earning potential associated with being a non-working spouse is one of the reasons why New York does still allow people to request alimony, also known as spousal support.

Future financial considerations are key in a New York divorce

It is undeniable that financial concerns are near the top of the list for almost every couple going through or considering a divorce.

Still, many people will not be fully aware of how post-divorce mistakes can have a negative impact on their financial lives. Whether it is a high asset divorce or one of lesser means, it is imperative to think about these issues with help from a qualified legal professional. Finances will need fine-tuning after a divorce. With separate financial situations, a likely reduced income, assets that have been split and restarting one's financial profile, there is much to consider.

An increasing number of older people are getting a divorce

In New York, it is not unusual for marriages to end in divorce. There are many reasons for this from incompatibility to infidelity to simply growing apart. Regardless of the reason, there can be many areas of difficulty when a couple is at the end of a marriage and plans to divorce.

Recent studies have brought to light surprising demographics as to who is getting a divorce. A study from Bowling Green State University says that different generations are staying married and getting divorced at various rates. Overall, the number of divorces has been in decline. From 1979 through 2017, the number of divorces fell by 29%. This led to the total being its lowest in four decades. In 2017, there were approximately 1 million divorces. However, certain age groups are divorcing at a higher rate.

Equitable property division in New York may require legal help

Regardless of the financial circumstances of a New York couple in the middle of a divorce, property division will be a constant concern.

This is true if it is a high asset divorce or one of more modest means. It is also true in cases where there were prenuptial agreements or postnuptial agreements. When dealing with the concerns that accompany property division, having legal assistance is a foundational aspect of a satisfactory resolution.

Things to consider when dividing large assets

It's often easiest to divide large assets between you and your spouse during a divorce.

For instance, on the day that your spouse asks for a divorce, maybe you have an apartment in New York, a vacation home on the coast and another vacation property in Italy. You also have a large investment portfolio that you planned to use to eventually buy another home. Since you own your own company, you're not all that worried about retirement.

Actor's divorce dispute with wife centers on substantial wealth

Any divorce in New York can be difficult and rife with issues in dispute. If it is a high-asset divorce, complex asset division, disagreements over property and arguments as to whether a prenuptial agreement is valid are real possibilities.

These issues are magnified if it is a high-profile couple and their alleged wealth reaches the hundreds of millions of dollars. When there is any kind of divorce, having legal assistance is important. But when it is a divorce in which the amount of money is so massive, it is crucial.

A booming economy could impact the decision to divorce

Financial factors are a frequent issue when a New York couple decides to divorce. However, that does not always mean that financial problems are the source of the dispute. In fact, some statistics show that a strong economy can spur couples to get a divorce.

In the first quarter of 2019, the booming economy has generally raised incomes. That coincides with more people experiencing marital strife. Legal professionals who work in family law say divorces increase when the economy is good. People function under the belief that when there is a strong economy, they have a greater willingness to deal with the inevitable life changes that come with a divorce, financially and personally.

How do temporary and final protective orders help with abuse?

Domestic violence and other forms of abuse are an unfortunate reality in many relationships in New York. People who are victims of abuse will often not know their alternatives to be protected from a spouse who is committing these acts. It can be difficult to finally take the necessary steps to be protected. However, there are options once the person decides to leave an abusive relationship and seek protection. Many do not know the difference between a temporary protective order and a final protective order. Understanding this is a vital part of being fully protected and getting what the abused person is entitled to.

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