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Why Divorce Doesn’t Have to Be a Financial Disaster

Financial DisasterMany pressing concerns arise when divorce is on the horizon. Children are the primary focus, but it is nearly as vital to concentrate on financial concerns. The more stable and predictable your economic security is, the better able you'll be to take care of yourself and your children.

Regardless of whether your divorce is acrimonious or not, it's important to give early consideration to financial matters. This typically involves opening personal banking accounts that are in your name only. Accordingly, your former spouse won't have access to any funds in these accounts. It is advisable to inform your spouse about the new banking accounts simply so that you cannot be accused of hiding money.

If you and your spouse have joint credit accounts, now is an excellent time to close them. You can always decide how to divide any outstanding debts through divorce mediation.

Additionally, if there are joint investment accounts, you might consider withdrawing half the money, reserving the other half for your spouse. Other couples decide to require the signature of both parties on any transactions dealing with an investment account. This ensures that no one has an opportunity to hide funds.

Many divorcing couples further decide to get their own post office boxes as they go through the divorce process. In the event of an acrimonious divorce, it's not unusual for one spouse to hide correspondence from the other. The result could be missed bill payments and other money-related chaos.

The best way to prevent money from complicating a divorce is to sign a thoughtful prenuptial agreement before tying the knot. These contracts can be highly customized to reflect your family's unique circumstances. They may address who is responsible for student loan debt and who gets your grandmother's antique clock if the marriage doesn't last.

A prenuptial agreement may include provisions for the support of a non-working spouse in the event of a divorce. This may include alimony payments and other considerations that are left to the discretion of the couple.

Each family's situation is unique. A well-written prenup takes this into account. In fact, it may be the primary means of protecting your money, and it can be revised to reflect your changing economic status.

If you are ready to learn more about how you can protect yourself from a financial standpoint in the event of a divorce, contact the Sabra Law Group at (646) 472-7971.

 

Fallout from Ashley Madison: How to Handle Betrayal

The Ashley Madison scandal has destroyed thousands of marriages. The website targeted married individuals who wished to have an affair. Hackers recently breached Ashley Madison servers and released the names, credit card information, addresses, and sexual preferences of millions of users—all of which was easily searchable online. Clearly, many relationships were negatively affected by this revelation. Clearly, those whose names were associated with the website were in trouble with their spouses.

Although online dating websites, such as Ashley Madison, have seemingly made straying much easier, infidelity has plagued marriages since well before the Internet came into existence. If your partner has cheated on you, it does not mean the marriage is over. With hard work and dedication, you may rebuild your relationship and trust your partner again.  (We have an upcoming interview with NYC marital therapist, Elisabeth Mandel LMFT, who discusses Tips to Safeguard Your Marriage from Infidelity, that will air on our weekly program www.CoffeeBreakwithSabra.com on October 21.) 

First, have a candid conversation with your spouse, and keep it calm and civil. Ask your partner why he or she strayed. In many cases, a partner feels neglected at home, and seeks attention elsewhere. Had your partner expressed to you that he or she felt lonely? In many cases, working on open communication will prevent such betrayals from happening again.

Your partner should also cease all communication with his or her paramour while you work past this devastating event.

Next, although it will be hard, you will have to learn to trust your partner again. For this step, it is wise to seek the assistance of a counselor. You will likely create new terms for your relationship as you try to heal. As time goes by, remember to focus on the present: do not be quick to react to actions that you feel are signs of cheating, as you will likely be reacting to the initial betrayal for some time.  And your partner must now be willing to give you assurances of his/her faithfulness – even if that includes revealing communications and phone records.

With open communication and renewed loyalty to each other, and much effort by both partners, the two of you will be able to repair your relationship.

For more information, listen to our interview with our guest on our weekly program Coffee Break with Sabra on October 21.  Access the interview here.

Manhattan Child Custody Attorney Shares 3 Tips on Successful Joint Custody Arrangements

Manhattan Child Custody Attorney

 

 

 

 

 

 

 

 

 

 

 

 

Manhattan Child Custody Attorney Sabra Sasson Shares 3 Tips on Successful Joint Custody Arrangements  

Put Your Child's Interest First

It is imperative to remember that the child's best interest is paramount. In determining the best child custody arrangement, it is important to consider:

  • Child's age
  • Child's personality
  • Child's academic and extra-curricular activities
  • Overall family schedule
  • Career and social commitments of each parent
  • Distance between parents' homes

Develop a Successful Parenting Plan

A parenting plan helps parents establish principles and guidelines for each other and their child.  A successful parenting plan may include:

  • Schedule regarding where and with whom the child will reside on a day-to-day basis
  • Schedule of how holidays and school vacations are handled
  • List of who makes important decisions on matters that impact the child

If either parent violates a joint custody agreement, either parent may seek to enforce the parenting plan in the appropriate Family Court.  The Court will first review any existing parenting plan between the parents in making its decision which is why it is important to have your agreement in writing, preferably with the assistance of legal counsel who can properly draft the provisions to reflect the agreement.

Practice Effective Communication

Even if you do not have a good relationship with your ex, make sure that you are not arguing in front of your child.  Considerations in developing an effective way of communicating with your ex may include:

  • Utilizing email to clearly communicate your point
  • Agreeing upon the preferred method of communication concerning your child
  • Putting aside your personal feelings and agenda
  • Focusing on having conversations that enhance the child's well-being

Joint custody is never ideal for a child, however, it is possible to have a successful joint custody arrangement if there is cooperation between the parents and a clearly defined parenting plan.

For more tips on developing a successful joint custody arrangement, contact Manhattan child custody attorney, Sabra Sasson, at (646) 472-7971 for a free consultation.