Student loan debt imposes a crushing burden on lots of New Yorkers, especially millennials. While many people are aware of the devastating impact educational debt can have on a borrower's financial well-being, fewer may recognize the role that it can play in undermining marriages. Financial disputes are among the most common reasons for marital problems, and the substantial burden of student loan debt is often no exception, according to one recent survey.
When people in New York decide to divorce, the financial repercussions can be significant. While every divorce is unique and carries its own characteristics, there are a few universal principles that can help future exes avoid costly oversights or errors during the process. The post-divorce period can also bring a number of changes in lifestyle.
Some New York fathers who fall behind on child support and lose touch with their children may do so because of a lack of money and an inability to navigate the system and not because they do not care. A documentary looks at how African-American fathers are disproportionately harmed by aspects of the child support system.
Divorcing past the age of 50 can have a major impact on the economic well-being of spouses in New York and across the country. While the financial impacts of divorce can outstrip the emotional concerns for people facing the end of a marriage at any stage of life, these issues can be exacerbated among couples who make the decision to divorce later in life. This is particularly the case as the two spouses have significantly less time to stage a financial recovery from the expenses and asset division that accompany divorce. Retirement funds that were accumulated to provide for both spouses in one household will now need to be divided and support two separate lives and the mounting expenses that accompany them.
New York lovers headed for marriage may consider making contingency plans in case of divorce a bad omen, but the simple truth is that a substantial percentage of marriages end in divorce. Planning can limit acrimony and prove beneficial in ways unrelated to marital dissolution.
For New Yorkers in the midst of divorce litigation, reaching the final agreement regarding property and custodial arrangements is a red-letter day that feels like a finish line. The signed divorce decree does set out how things are to be divided, but the court order doesn't actually complete the plan. The judge gives marching orders, but the parties must carry them out. In order to fully implement the plan and protect oneself financially, there are a few key steps someone must take before reaching the actual divorce finish line.
Those who have just gotten a divorce may not think that where they live is a big decision. However, it can have a significant impact on a person's life. For instance, choosing to live in New York could have different financial consequences than living elsewhere. Choosing where to live immediately after a divorce could also have emotional and other consequences that an individual may need to consider.
In New York, divorces are unfortunately common. People that are getting ready to get married normally do not do so with the idea that their marriages will fail. Individuals who have gotten divorced cite several common reasons for the end of their marriages. By understanding these factors, people might be able to take steps to help prevent their own marriages from ending in divorce.
Parents in New York who are getting a divorce may need to think about how they will spend the holidays. The holidays can be a difficult time for a single parent, particularly in the first year or two after the divorce. However, it is important for a parent to keep the focus on the children because it can be even more difficult for them. There are several ways that separated parents can reassure their kids.
The challenges facing you when you get a divorce after the age of 50 can be significantly different from a young couple with few assets. After all, you have likely spent twenty to thirty years investing in retirement plans, paying off the mortgage and perhaps collecting some fine wine for your cellar.