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Long Island Family Law Blog

Searching for hidden assets a wise move during divorce

Married couples in New York choose to break up for various reasons. Still, the reason behind many marital breakups is that one spouse loses trust in the other one. In this situation, one spouse could have easily been concealing assets with the hope that the other party would not find them. This is why it is so important for a divorcing individual to verify that each marital asset is uncovered as he or she navigates the divorce process.

Knowing how married individuals frequently conceal their property can help with tracking down such property in a more efficient manner. People often hide assets simply by claiming that they do not have the assets. In some cases, a spouse might transfer a hidden asset to another family member or friend. People who wish to hide assets might also assert that they lost the assets, or they may generate false debt.

Prenuptial agreements can benefit those marrying late in life

When young couples in New York marry, they usually expect their marriages to last decades. As a result, they might not see the need to create prenuptial agreements. However, prenuptial agreements may be particularly important for people to draft if they are marrying -- or remarrying -- near their golden years.

Before getting married in their 50s, for example, two people might want to explain in a prenuptial agreement how they plan to take care of their financial needs during their union. They can also lay out a plan for drawing from their retirement savings. For instance, if one person has more retirement assets, the two individuals might want to rely heavily on these assets and then use the other person's assets to supplement them.

People are likely to go through divorce at certain ages

A number of people in New York get married with the hopes of staying that way. However, the truth is, marriages do not always last due to irreconcilable differences, among other problems. Here is a look at what age many people who are currently married may end up going through divorce.

In a recent study, researchers looked at various marital outcomes for people of different ages in 2017. According to people's answers to questions about how many times they had been married and their current marital statuses, around 10 percent of people who were 30 had already gotten divorced. Meanwhile, the divorce percentage reached a maximum at the age of 63. At this age, the number of people who had been divorced was more than 41 percent.

Divorce mistakes can have financial repercussions

When people in New York decide to get divorced, they may understandably feel overwhelmed by the financial aspect of the process. Unfortunately, making some critical financial mistakes during a divorce proceeding can have long-term repercussions. Here are a couple of the most common errors, along with some tips about how to avoid them.

First, sometimes those going through the divorce process fail to get all of the paperwork needed early on. These documents include Social Security statements that show a spouse's record of earnings as well as his or her anticipated future benefits. Any receipts that document home improvements, along with paperwork showing how much was paid for the marital home and other major assets are also important to collect. It's also smart to gather all financial accounts' numbers as well as their balances.

Tearing the family apart can be avoided during divorce

When two individuals decide to dissolve their marriage, they may expect the process to be wrought with conflict and animosity. The reality, though, is that it indeed is possible to get a divorce and not necessarily tear the family apart. Some tips may help those going through divorce in New York to keep the marital breakup process as peaceful as possible.

First, a divorcing couple might want to focus on addressing child custody prior to tackling their financial situation. For instance, they can discuss the matter of legal custody, determining which parent gets to make decisions concerning the religion that the children will be taught, the education they will receive and the medical treatment they can get. In addition, they can figure out which parent will have physical custody, meaning that the children will live with him or her. Making these decisions early on may make future money talks during the divorce proceeding a lot more palatable for both parties.

Tips may help couples to make divorce process easier

Ending a marriage can undoubtedly be an emotionally exhausting and lengthy process. This is why it is easy for two people who are going through divorce to become hostile toward each other over the course of the divorce proceeding. Fortunately, there are steps that divorcing parties can take to make the process easier to deal with in New York.

First, it might be helpful for both spouses to discuss how exactly their divorce occurred. Knowing this and being on the same page regarding it may help them both to achieve closure in the matter. The various factors that might cause divorce range from job-related stress to infidelity and even health issues.

Divorce may stem from debt conflict in marriage

Various types of marital issues may result in the dissolution of a marriage in New York. However, in many divorce cases, the problems leading to the breakup of couples' marriages primarily have to do with money. Debt in particular can quickly drive two married individuals apart and spark even more conflict between them during their divorce process.

According to research, more than 50 percent of couples start their romantic relationships with financial debt. Furthermore, 40 percent of these couples claim that their financial stresses have an adverse impact on their unions. Couples who end up fighting about their finances increases their chances of divorce by 30 percent.

Postnuptial, prenuptial agreements can protect assets in divorce

When two people in New York get married, they naturally expect to stay married forever. However, financial issues can quickly ruin their marital union. For these reasons, putting together prenuptial agreements is generally a good idea for couples who are planning to enter marriage soon. For those who are already married but never created these legal documents, they can still create postnuptial agreements to protect their financial best interests.

The purpose of a prenuptial agreement is to spell out both parties' intentions regarding how their assets and earnings are handled during their marriage. However, this document can also dictate what happens to their assets if they decide to get divorced down the road. A postnuptial agreement likewise details how two people's marital property should be used during their marriage or divided in the event of divorce.

Child custody and the holidays may spark conflict post divorce

The emotional effects of divorce can easily persist long after the divorce has been finalized. This is especially true when the holidays roll around, and it is particularly the case for the parents of young children in New York. However, a few tips may help those dealing with the complexities of child custody and the holidays during a divorce proceeding.

Ideally, the children of divorce will be able to see both parents during the holidays. However, this is not always possible. Therefore, it is wise for both parents to come up with a parenting agreement, if possible, that includes specifics regarding the holidays. Having these specifics in writing helps to avoid chaos and confusion during the holidays, and it also makes it easier for the parents to keep the children out of the middle of the situation.

Certain signs point to the likelihood of divorce

Ending a marriage can certainly be a bittersweet experience. Although divorce allows two people to go their separate ways and pursue their own versions of happiness, the process of breaking up can also be emotionally challenging. Sometimes, though, divorce simply cannot be avoided. Here are a few indicators that two people are bound for divorce in New York.

In some cases, divorce happens because one person has lost the ability to trust the other party. Perhaps infidelity is the culprit, or maybe one spouse has not been forthcoming in the area of finances. Either way, counseling may not be effective enough to help keep the marriage intact long term.

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