The Financial Implications of Legal Separation and Divorce in New York

People considering separation or divorce should understand the implications that each one may have on their financial situations.

2013-01-09

January 09, 2013 (Press-News.org) The Financial Implications of Legal Separation and Divorce in New York

Sometimes when a couple is having trouble in their marriage, they may choose to legally separate rather than get a divorce. When a couple legally separates, they remain married but live apart as though divorced. People choose legal separation over divorce for a variety reasons. Some people use legal separation as a trial period to see if they really want to divorce. Other couples may choose separation because their religious beliefs or family upbringing forbid divorce, while still others do so because they believe that they are better off financially if they are separated rather than divorced. People considering separation or divorce should understand the implications that each one may have on their financial situations.

Legal Separation

Spouses who are legally separated are still married, which means they retain the right to file income tax returns jointly, maintain health insurance benefits together, collect Social Security benefits as a married couple, and receive survivor benefits from workers' compensation insurance and wrongful death claims. Military spouses who are legally separated may still collect their spouses' military benefits, as well.

Many couples have separation agreements that address several of the same financial issues that a divorce decree does, such as spousal and child support payments and property division. Experts note that people should use caution before entering into a separation agreement. If the couple later decides to divorce, such agreements are often the basis for divorce property settlements and spousal support awards. If a spouse believes that the separation agreement was unfair, it could be difficult to persuade a judge to change it in a divorce.

One danger that people face under a legal separation is that their spouses still retain access to assets and have the ability to drain joint bank accounts and sell jointly-owned property.

Divorce

Since a divorce ends a marriage, divorced spouses may no longer file taxes jointly. Additionally, depending on custody arrangements, a divorced person may lose the right to claim his or her children as dependents on income tax returns. IRS rules allow the parent who has custody for more than six months out of the year to claim children as dependents. However, spouses may agree, or the court may order the spouses, to alternate years taking the exemption.

Divorce also ends access to other benefits. Many health insurance providers will not allow ex-spouses to remain on the insured spouse's plan. Additionally, if the marriage did not last at least 10 years, a person cannot use his or her ex-spouse's employment history as a basis for collecting Social Security benefits.

Divorce decrees include property division settlements and child and spousal support awards, much like separation agreements. However, provisions of a divorce decree are parts of a court order and therefore enforceable in court. If one spouse fails to follow the order, the other spouse has legal recourse.

Talk to a Lawyer

Making the decision to separate or divorce is never easy. While the financial implications of separation and divorce are important to consider, such a move affects all aspects of a person's life. If you are considering separation or divorce, consult a seasoned family law attorney who can discuss your situation with you and advise you of your options.

Article provided by Jonathan M. Young, Esq., LLC
Visit us at http://www.suffolklawhelp.net/

ELSE PRESS RELEASES FROM THIS DATE:

Combat-related Brain Injury Symptoms May Last Years, Study Finds

2013-01-09

Combat-related brain injury symptoms may last years, study finds Concussions and other traumatic brain injuries were once thought to resolve themselves on their own with little need for medical intervention. However, new research on the long-term effects of combat-related head trauma shows that, for many veterans, the symptoms of traumatic brain injury can persist for years with little improvement. What is traumatic brain injury? Traumatic brain injury, or TBI, occurs when a blow to the head causes interference with the normal functioning of the brain. Many TBIs ...

Important Considerations For Florida Divorces, Retirement Assets

2013-01-09

Important considerations for Florida divorces, retirement assets Divorce can be a very emotional and draining experience, especially when it comes to the many decisions that must be made in regards to a couple's assets. There are some occasions where the couple is able to navigate through the process and efficiently divide what they own in a fair and peaceful manner. Often, however, a couple may find themselves at odds over certain assets or particular decisions. Being armed with knowledge and able to assess important considerations are vital to making the divorce ...

New Federal Rule Targets Truck And Bus Drivers

2013-01-09

New federal rule targets truck and bus drivers Commercial truck and bus drivers on Missouri's highways spend long hours behind the wheel. Mindful of public safety, the U.S. Department of Transportation's Federal Motor Carrier Safety Administration has recently adopted a new rule to make sure drivers get enough rest to operate safely. Hours of service rules The new rule, which went into effect June 1, 2012, supplements federal hours of service rules that apply to all licensed commercial drivers and the companies that employ them. Hours of service rules require that ...

DUI Crackdowns in Colorado

2013-01-09

DUI crackdowns in Colorado Drinking and driving presents a very real threat to the safety of Colorado roads. Drivers who indulge in drinking festivities before getting behind the wheel of a car have slower reaction times and are considerably more likely to get into an accident. The Colorado Department of Transportation recognizes this threat and is working to reduce the number of accidents on Colorado roads. Holiday DUI Enforcement A DUI is defined in Colorado as driving with a blood alcohol level of .08% or higher. When law enforcement officials want to step up ...

Avoiding Medical Errors: Effectively Treating Kernicterus in Newborns

2013-01-09

Avoiding Medical Errors: Effectively Treating Kernicterus in Newborns Jaundice is a common condition among newborns whose livers are not yet mature enough to keep up with the body's production of bilirubin, a natural but potentially toxic chemical compound produced by the red blood cells. While jaundice often goes away on its own with little or no medical intervention, in severe cases it can lead to a devastating condition called kernicterus. Kernicterus occurs when severe jaundice is left untreated and excess bilirubin is deposited in the brain. Because bilirubin ...

Raising Awareness of the Benefits Chapter 11 Bankruptcy Has to Offer

2013-01-09

Raising Awareness of the Benefits Chapter 11 Bankruptcy Has to Offer As most Americans are aware, our country is currently going through one of the worst economic recessions in modern history. The job market has yet to rebound and business to business transactions have been slow to increase. As a result, individuals and businesses have struggled to keep pace with their bills and have built up hefty piles of debt. In response to their financial struggles, the U.S. Courts report that Americans have filed over 1.4 millions bankruptcy petitions each of the last several ...

Teens and Distracted Driving Accidents: A Majority Text Behind the Wheel

2013-01-09

Teens and Distracted Driving Accidents: A Majority Text Behind the Wheel A common worry among parents with teenagers is the safety of their teenager when he or she begins to drive or ride with other teen drivers. Teenagers lack the experience of older drivers, and when the lack of driving experience is coupled with distracted driving the risk of a car accident is compounded. Even though many teenagers know that texting and using a cellphone behind the wheel is dangerous, many continue to do so, increasing their risks of being involved in car accidents. According to ...

Personal Injury Lawsuits Help Accident Victims Recover

2013-01-09

Personal Injury Lawsuits Help Accident Victims Recover Have you ever heard someone refer to car accident victims as the winners of a lottery? It's not a fair comparison. Getting into a car crash is not like winning the lottery because the lottery doesn't involve injury or death, and car crashes happen all too often. According to the National Highway Traffic Safety Administration, a car accident occurs every 10 seconds in the United States. When a car accident strikes, the victim of the crash or his or her family may be able to file a lawsuit against the responsible ...

Jacksonville Increases Police Enforcement During Holiday Season

2013-01-09

Jacksonville increases police enforcement during holiday season The Jacksonville police force, as it does every year, increased enforcement during the holiday season, especially at local malls and shopping areas. Jacksonville police will be out both in uniform and in plain clothes. The idea is to cut down both on shoplifting and theft crimes, but also to keep shoppers safe from assault and robbery. Police will be working overtime through New Year's, and regular patrols will continue beyond that. Lt. Mike Capps told local news station WITN that the extra patrols are ...

Crimes in New York Related to Hurricane Sandy

2013-01-09

Crimes in New York related to Hurricane Sandy Hurricane Sandy will go down in history as a devastating event in this country. Although it has been several weeks since this tragedy, families all around the U.S. can still feel its effects. Homes and businesses are no longer standing, and many families have lost things they can never replace. Times like this can unify a country and can bring out the best in people who take the time to volunteer and help people they do not even know. But events like this can also bring out the worst in people. Accusations of looting during ...