It may be difficult not to bring emotion into the financial aspects of ending a marriage, but New York residents may work in their own best interest when they take the time to prepare and do it right. Being in a hurry to get the divorce papers signed can have a long-term detrimental effect on a person and their children.
As some New York residents may know, the former reality show star Jon Gosselin said he wants a change in his child custody arrangement. Since their divorce in 2009, his ex-wife has had custody of the couple's eight children. Modifying a custody arrangement in this fashion requires evidence that the child would benefit from a change in custody and that overall circumstances have changed.
The U.S State Department says that roughly 8,000 children were wrongfully abducted and taken to another country by their parents between 2008 and 2013. Of those taken to countries who are signatories to the Hague convention that deals with these matters, only half are returned. One of the biggest obstacles to returning children back to America has to do with diplomatic relations between countries.
In divorces, 401K plans are treated as marital property to be split between spouses. The amount that each person receives depends on the couple's agreement and state and federal laws. The terms of 401K division should be recorded in Qualified Domestic Relations Orders, given to divorcing spouses by plan administrators. These forms need to be filled out a certain way and signed by judges and plan administrators to be valid. Attorneys on both sides should have these documents when exes plans to negotiate on 401K terms.
While courts in New York and other states usually believe it is best for both parents to have contact with a child or children after a divorce, many observers feel that switching between homes can be stressful for the children involved. However, a recently-published study found that a joint custody arrangement might work better for children than giving one parent sole custody.
People who are going through a divorce in New York often have a host of paperwork to manage, but one thing that is sometimes forgotten is a change in beneficiary designations on life insurance policies, retirement accounts, and other investment vehicles. In many instances, estranged spouses will be listed as the primary beneficiary, and if this designation is not changed, they will remain so.
After a New York judge has issued a child custody order, the parents involved are expected to follow the order. Failure to comply with a child custody order could result in a parent having to pay fines and compensation to the other parent. In some cases, the child custody order could end up being modified as a result of one parent's noncompliance with the order.
As the baby boomer generation hits and surpasses age 50, an increasing number are choosing to divorce in New York as well as across the rest of the country. For this age group, an important consideration is how their divorces might affect their retirement accounts, and a collaborative divorce process may be in order.
When a New York couple determines that they need to get a divorce, it is likely that one or both parties want custody of any children that resulted from the marriage. However, as with any legal process, filing for custody can be confusing.
New York couples who have one or more children and are going through a divorce may need to create their own parenting agreement. This is because they are still need to care for their children as long as they are the legal parents. In most cases, parents may come up with their own agreement through informal negotiations or through mediation outside of court. When an agreement is reached, it is final and binding on all parties once it has been approved by the court.