Millennials in New York and across the nation are departing from some of the typical marriage behaviors of older generations. For example, 28 percent of married Millennial couples are keeping their finances separate instead of having joint accounts. But separate bank accounts may not protect assets from property division if a couple divorces.
Summer and other vacation periods add stress to families in Buffalo that are already experiencing marital problems. Filings for divorce, in fact, increase in August and March, according to a study presented at the American Sociological Association in 2016. Planning for divorce involves several steps that should begin well before the first divorce documents are filed with the court.
Deciding whether to end a marriage is a life-altering and emotional experience. But a spouse, especially one who was not heavily involved in business or the couple's finances, should also take steps to determine the financial impact of their divorce.
A marriage may legally end with a divorce decree. Planning for divorce, however, should also include taking actions after the decree is issued. A spouse who was on their ex's health insurance policy must obtain their own policy. Likewise, the ex must be removed from a spouse's policy and the insurance carrier should receive notification about the change in their marital status.
Splitting up a marital relationship has legal, financial and emotional costs. But there are ways to soften the emotional impact of divorce which can help ease the resolution of other issues.