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The dissolution of marriage can affect economic status

Few people, both men and women, are able to get through a divorce and maintain the same standard of living they had when married. The dissolution of marriage simply takes its toll, both emotionally and financially, on couples and families living in New York and elsewhere. The men and women who remained at home during the marriage, in order to take care of children or for other reasons, seem to be hurt the most from an economic standpoint when all is said and done.

Spouses who stay at home have good reason for doing so. Unfortunately, this removes them from the workforce or from gaining an education — both of which are useful if the need to support oneself arises. Divorce places these individuals in a tough position, needing to support themselves and, possibly, children on far less income than they are used to. Many are left wondering if anything can be included in their divorce settlement to assist with this financial decline.

Fortunately, there are a few things that can help these individuals. For those who are taking primary custody of their children, child support can help cover their expenses. It is possible to negotiate costs for day care, medical insurance and any other significant expenses into a support order. If all qualifications are met, alimony payments can also be requested. This can prove extremely valuable for those who need time to find work or gain an education in order to support their new life.

No matter how it is approached, the dissolution of marriage will likely affect financial status. Dividing one household into two isn’t easy or inexpensive. Those in New York who need support in order to help economically adjust in their post-divorce life can request and negotiate terms that fit their needs. Legal assistance is available to ensure the final settlement addresses all issues and provides fair and balanced terms for both parties.

Source: NBC News, “Divorce Can Mean a Trip Down the Economic Ladder for Women”, Martha C. White, March 7, 2015