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Oneida County Divorce Law Blog

Items that cannot be included in a prenuptial agreement

Putting together a prenuptial agreement prior to your marriage in Oneida, New York, can do wonders for your stress levels. If you enter a marriage with a variety of assets, such as real estate, a high income and jewelry, you should absolutely sign a prenup to protect yourself. There's nothing like having to fight for what you earned as an individual when your marriage fails and you wind up getting a divorce.

A prenuptial agreement will never be allowed to include clauses about payment of child support or how child custody will be handled. These are issues that must be decided at a later time by a court. The support for the child is determined by the court based on the best interests of the child.

Explaining the survivors pension in New York

Pensions are important accounts that public employees and members of the military earn during their time employed and while serving the country. These accounts are handed down by the holder to the beneficiary, typically a spouse. There are ways that the pension can be left to a dependent child. It all depends on the situation. If you've never heard of the survivors pension, we will explain it in today's post.

So, what exactly is the survivors pension? It is more commonly known as the death pension. It is a tax-free pension that pays benefits to low-income, unremarried spouses of deceased military veterans. The benefit could also be paid to the surviving children of the veteran if they are not married. The veteran must have served in wartime for the benefit to be paid to the surviving family members.

How to prepare for a separation from your spouse

Coming to the realization that your marriage has hit a breaking point is never easy. Even if you've seen it coming, it still isn't easy to admit that there is something wrong. As you seek ways to possibly fix the marriage, you need to prepare for a possible separation and then divorce in Oneida, New York.

You must pay close attention to all of your financial accounts if you plan to go through a separation period. This includes the names of the banks, the names and numbers of your assets and the contact information for all accounts that hold your debt. You don't want to run into any surprises should you and your spouse separate.

Do not let your divorce ruin your retirement

Divorce not only impacts your heart but also your wallet. The financial consequences of ending your marriage may be especially problematic if you are having a late-life divorce. If you are not careful, your divorce settlement may derail your retirement plans. 

According to the Washington Post, one in four divorces occurs among couples who are 50 and older. This may seriously affect your finances. Here is how to mitigate the negative impact of divorce on your retirement. 

Challenges facing same-sex couples in New York

Same-sex marriage has been increasing not only in New York but also across the country ever since it was legalized by a Supreme Court ruling. With that being said, same-sex divorces have also been increasing. There are some hurdles that same-sex couples face in the state of New York and all over the nation even with the legalization of same-sex marriage.

One of the biggest hurdles that same-sex couples face when getting a divorce, like all other couples, is that they will need to provide the court with documents. These documents must show how much each spouse earned during the marriage, who brought which items into the marriage and more. These documents could include bank statements, tax returns and real estate documents.

Tips for choosing beneficiaries of your pension

For those of you who work in professions that offer pensions for your retirement, you need to know the best ways to choose beneficiaries. Each person will make different choices. Some of those choices could be detrimental to your estate. Here are some important tips for choosing the beneficiaries to your pension in Oneida, New York.

One of the most important tips you can follow is to review your pension plan beneficiaries after each major life event. You need to look at the people who are listed because they might not be in your life anymore after the event. For example, a divorce, a death or a marriage could rearrange your entire family.

Flashy weddings could be reason for increased risk of divorce

Believe it or not, the more lavish your wedding is, the more the risk increases of you potentially getting a divorce. If you are reading this and have not yet walked down the aisle, be sure to think twice about all of those extraordinary plans you have in the works. You might save yourself a headache down the road if you have a simple wedding without much fanfare.

The average American wedding cost $27,000 in 2017. There were 2.2 million weddings in 2017 that cost an estimated $56.2 billion. A survey conducted by Splendid Insights has found that couples who spend around $10,000 on a wedding will worry and stress less about impressing their guests than couples who spend $30,000 or more on their wedding.

Money management tips for separated couples

Finding out that your spouse wants to separate from you is never easy. Even if your marriage has taken a bad turn lately, you are just never prepared for something like this. Separation doesn't always lead to divorce, but it very likely could be the start of the entire process. Here are some tips for managing money during a separation from your spouse in New York.

Put a budget together as soon as possible. You will want to operate using your own money during a separation to get a feel for what it will be like if the marriage ends in divorce. Stick to the budget as much as possible. You will need to make some very difficult and tight decisions to survive financially.

QDROs and the importance of a retirement plan administrator

Employer-provided retirement plans are very important assets, and in a divorce proceeding, their importance rises to a whole new level.

Certain retirement fund benefits may have one or more beneficiaries, but Qualified Domestic Relations Orders, or QDROs, must first go to the administrator of the retirement plan.

Gray divorce causing women to change financial habits

Gray divorce is the name for people who get divorced at age 50 or older. It has become a very common group in the divorce category, doubling in size since 1990. The rate of divorce in 1990 for couples with at least one person age 50 or older was just one in every 10. Within a decade that number increased to one in every four. Women are being forced to make financial changes later in life in New York when divorcing.

A survey was conducted by UBS that involved 600 women who, within the last five years, have gotten divorced or become widowed. The survey also included 1,500 couples. The people who took part in the survey were required to have at least $250,000 in assets that can be invested. There was a big difference between attitudes of women who were recently divorced/widowed and those who are still married.

  • Eighty-five percent of women still married who did not play an active role in long-term financial decisions claimed that their spouses knew more about finances than they did.
  • Fifty-nine percent of widows/divorcees claimed that they suffered regret for not playing a role in making long-term financial decisions during their marriage.
  • Eighty percent of women claimed that they were happy with the current split of financial responsibilities within their marriage.
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