Believe it or not, when one files for divorce matters. The time of year in which a dissolution of marriage is sought and how one goes about it can affect the final settlement and one’s future financial situation. Whether residing in New York or elsewhere, strategic planning can make the divorce process much easier to handle.
Divorce is often guided by emotions, which is completely understandable. However, if possible, curbing emotions and thinking toward the future can help divorcing couples make better decisions regarding their divorce settlements. For example, in complex cases that may take awhile to sort through, separation agreements may be necessary which can set up support and custody guidelines — giving both spouses and any affected children security and structure until a final agreement can be reached. Unfortunately, creating a separation agreement may not be thought of if emotions are running the show.
Along with controlling emotions, strategically planning when to file can greatly affect how monetary assets are divided. A great example of this is the effect divorce has on retirement accounts. For a contributing spouse, he or she may want to file for divorce early in the year as to avoid paying out more of his or her investment in the settlement. For a spouse that is not contributing to such an account, however, waiting may be in his or her best interests in order to receive more in the end.
Emotions and timing can affect divorce in a big way. Unfortunately, these two issues are not things that many couples in New York or elsewhere really think about when they simply want to be removed from their marriages. With the assistance of legal counsel for each party, divorcing couples can file at the best time for them and make informed decisions regarding their settlements that will help them achieve the best terms possible for their specific circumstances.
Source: The Huffington Post, “Filing For Divorce In Spring? Avoid These 6 Perilous Mistakes!”, Bari Zell Weinberger, Esq., April 25, 2016