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Oneida County Divorce Law Blog

Special considerations of gray divorce

Once you've been married for decades, you might think that you'll never have to deal with a divorce. The stark reality is that gray divorce is becoming more commonplace. For individuals who are over 50 years old, the considerations that they have might be a bit different from people who are going through this while they are younger.

Income and financial stability are important when you are divorcing at this age. On average, the household income of women drops around 40% after divorce and around 25% for men. You have to look at your money situation and determine how you can address this when planning to divorce.

Big or small, all assets must go through property division

People who think about property division often focus on the larger assets. This is understandable because they usually have the biggest impact on your finances. However, you might not be fully prepared at the depths that you will have to cover when you go through the division of marital property.

Most people choose to start with the larger assets, such as the marital home and the vehicles. These might take the most time to work through, but once you make it past those, you will find that you have a lot more work to do.

Are you damaging your custody chances?

Separation and divorce are exhausting and take a real toll on both spouses in some way or another. Emotions and nerves may teeter on the brink of breaking even the strongest person.

When there are children in the picture, the stress of divorce can increase tenfold. The thought of only seeing your children on a part-time basis may eat you alive and cause you to have higher amounts of adrenaline coursing through your veins. This may lead you to make irrational decisions. Avoid these damaging behaviors to boost your chances of getting a favorable custody ruling.

For women, financial education is key to a successful divorce

In some marriages, the wife isn't very familiar with the finances. One thing that all women should know is the status of retirement accounts. Even though you might think that your marriage will last forever, there is a chance that it won't. The retirement accounts are often a major source of contention during a divorce.

Financially complex divorces sometimes involve a woman who isn't sure exactly what she's entitled to receive. They might not realize that they can walk away with a portion of their husband's retirement account. For this reason, any woman who is going through a divorce should have a legal team she can trust.

Stay-at-home spouse? Alimony should be a prenup term

Going into a marriage, some people know that one person will remain at home to care for the house and children while the other works. This can benefit the family, but it can also be a difficult thing to handle if the marriage fails. Instead of having to worry about what would happen in that instance, you can establish the plan in a prenuptial agreement before you ever get married.

One thing to include in the prenup is the terms of alimony. If one party remained home, they likely won't have the job skills or history to get a job right away if a divorce occurs. The alimony payments help them to get on their feet during this troublesome time.

Things to consider before splitting a pension

When you have complicated assets to divide, like a pension, it's important to take a moment and consider all of the different things that your decisions today could affect for years to come.

For example, here are some of the questions you need to think about when you consider the division of a pension:

Remember that debts are divided in divorce

The financial changes that come with divorce are often challenging to handle. As part of the property division process, you and your ex will divide assets, but you will also have to split up the debts. This means that you will have to budget for your own set of household bills while also taking on some other payments. You need to plan carefully so you can ensure everything is going to get paid.

Before the property division happens, you can start setting up a budget. Be realistic about your expenses so that you have an accurate account of what is going out and what's coming in. Once you know what you have each month, you will be able to relay what you can pay on joint debts.

Shared family values can benefit children during a divorce

Many people who are going through a divorce have children, so they have to make sure that they are putting the needs of the children first. One thing that might be beneficial in these cases is to come up with a list of family values that are going to govern life in both homes. These can provide the foundation upon which stability for the child is built so that they have what they need to thrive.

Children who are taught that family values are important can benefit in almost all areas of life, including school and their social lives. Some individuals think that children who have divorced parents are at a disadvantage, but this isn't the case.

Key facts for a successful QDRO

The division of assets is a large part of the divorce process. For some parties, a retirement plan is an important aspect of that process.

To make the process work best for you, it is important that you understand how a QDRO works. There are a few key facts to understand.

Dividing up sentimental items when you divorce

For a lot of couples, it's not that hard to divide the marital assets. They can quickly agree about how to handle the house, the bank accounts, the pensions and any investments. These days, many spouses either enter into marriage with a prenuptial agreement or have roughly equal separate income and investments. The big problem isn't centered around how to split the "big" things. It's the little things -- those with sentimental value -- that become hard to divide.

How can you and your spouse approach the issue of dividing items of sentimental value in a rational, fair-minded way?

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