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Oneida County Divorce Law Blog

Real property comes with complex division points

The real estate that you and your ex amassed during your marriage is a huge consideration when you are going through a divorce. You might be tempted to try to keep the biggest properties, but this might not be in your best interests. There are several things to consider when you are working through the property division process.

You must look at the available options for each property, as well as how each of those will impact you. Some people decide that they will just split the properties as evenly as possible. If there are mortgages on any of them, you must figure out whether you can afford to continue to pay those. Factoring in your single income will play a part in these calculations.

Put yourself first when you are going through divorce

The process of divorcing takes a lot of time and energy. This can impact the way that you start your new life, so you must ensure that you are taking steps to improve your situation. One thing that can really hold you back is the inability to let go of the past and move forward as a single person.

You shouldn't ever feel like you are alone. Approximately 75% of third marriages and 40% of first marriages end in divorce. This might seem shocking but it simply means that you should be able to find support from people who have been in a similar situation.

2 reasons you shouldn't delay a QDRO

A Qualified Domestic Relations Order (QDRO) is one of the most misunderstood parts of property division following a divorce. Most people think that their divorce decree alone is enough to grant access to their share of their ex-spouse's pension or retirement plan, but it isn't. For that, you need a QDRO.

In addition, you need to make sure that the QDRO is obtained and handled promptly. A delay can really hurt you in certain situations, including:

The Majauskas formula and pension alternatives to consider

If you and your spouse have decided to end your marriage, property division and the equitable distribution of pension benefits may be on your mind.

In the state of New York, the Majauskas formula comes into play, but are there other pension distribution options to consider?

Follow these tips during a divorce with a narcissist

Going through a divorce is a troublesome experience, but it is even worse when you are going through it with a narcissist. The manipulative ways of a narcissist make dealing with them very difficult. You have to learn how to disengage with the situation so that you can move forward with the divorce. There are many strategies that can help you, but you have to determine which is the best option for your situation.

One factor that you have to consider is that your ex is going to try to "win" in every aspect of the divorce. Anything that they think you want, they are going to fight to keep from you. They might use manipulation or threats to do this. Unfortunately, this can be mentally draining for you. When they start to try to fight, stick to the facts, and don't let them pull your feelings in.

Tips to help you find your way during a divorce

High-asset divorces can sometimes get contentious. It is imperative that you take the time to think about what is truly worth fighting for and what you can let go without having to battle for it. Be sure that you base your decisions on what you need and not what someone else wants you to do.

There are several things that you need to think about when you are in this situation. Together, all of these points can help you to walk away with the settlement you deserve.

  • Take stock of all accounts and assets. You don't want any to fall through the cracks since that might mean that your ex gets more than they should and you don't get what's due to you.
  • Don't plan on making any large purchases until the divorce is over. You might be issued a financial restraining order that prevents you from making large purchases, even if they are on credit terms.
  • Prepare for the valuation process. This might take time, but it is a vital part of asset division since not all assets are valued at what they are currently worth.
  • Set your budget. This lets you know how much money you have to spend on things, including the upkeep of assets that you receive in the divorce.

Biggest isn't always best in property division

Property division in a divorce can be a challenging matter to work through. The situation becomes even more challenging when you are dealing with multiple properties. Trying to balance all of this out will prove to be difficult. One thing that you can do in these cases is to think about which piece of property you do want to keep and which ones are just going to be money pits that you can let go.

We know that this isn't an easy feat. The first point to think about is what property you want to live in. This property must be your primary focus. As you think about this point, look at the financial impact of the decision. You are dealing with a decrease in income since you will only rely only on your own income. This means that you might not need to hold on to the biggest property that is part of the marriage because it might be the most expensive. You might need to think about downsizing so that you have a smaller financial obligation.

Planning can minimize the stress of divorce with children

When you go through a divorce, there are many things that you need to think about so that you can start moving your life ahead. One of these is that you need to be able to set up a stable home for your children. In order to do this, you have to think about yourself and them all at the same time. Everyone can benefit from you having structure set in the home.

As a single parent, all the child care duties will fall on you. This means that you will likely have to make some changes to the way that you usually do things. For example, you will have to bring toddlers with you if you need to grab something for dinner, and they are at home. Because of this, you need to try to plan as much as possible.

Working through property division takes focus

Asset and debt division matters are often difficult to settle during divorce. The exception to this is when you have a prenuptial agreement in place. In that case, you just follow those provisions and everything is taken care of. We know that not everyone has prenups in place. If you don't, you will have to either work with your ex to get the assets and debts split or you will have to turn to the court to get this done.

We know that you might not be sure how you will split all of your marital property. Your focus might be on the high value assets like real estate, investment accounts and businesses. Dividing these is challenging because you not only have to think about the value, but you also must consider what hanging onto the assets will cost you.

What to do with assets from a qualified domestic relations order

If you are working through a divorce, you may have become so caught up in division of assets that you may have overlooked one key source of value in the marriage: your spouse’s pension plan. The only way to guarantee your share of this reward is through a complicated process that requires a QDRO, or qualified domestic relations order.

As a couple planning for retirement, you deserve a portion of this payout, even if you were not the employee earning it. The decision to pursue this course of action becomes easy when you consider all that you may be able to do with this financial benefit.

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