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How We Address Finances in a Legal Separation in NY

How We Address Finances in a Legal Separation in NY

As one of the most sensitive separation topics, navigating the complexities associated with intermingled finances can quickly lead to frustration, disagreement, and drawn-out legal situations. Despite the difficulties and hurdles involved in reaching a mutually-beneficial financial compromise, arriving at a fair agreement that honors the needs of both parties is worth the effort. 

Instead of squandering the finances, you’re fighting for endless legal fees and/or settling for less than you need to remain financially stable. Have you considered alternative legal options like divorce mediation? During divorce mediation, our unbiased approach to legal separation and finances provides a neutral platform to express your needs, create a fair financial plan, and reach a legal resolution with guidance by your side. By focusing on the facts of the situation and the needs of both parties, our goal is to establish a financial agreement that protects the interests and well-being of everyone involved. 

Which Subjects Are Addressed During Legal Separation Mediation? 

All shared financial considerations are addressed during our sessions. We cover important topics like asset division, childcare needs, and legal financial obligations as they pertain to NY state law. Examples of decisions we’ll make together and include within the legal separation agreement include: 

  • How assets and property will be divided and cared for: This can include your home, cars, and personal belongings that you share at home. 
  • Who will pay certain bills: From shared health insurance plans to the electric bill, responsibilities for each party’s ongoing financial obligations will be written into the agreement. 
  • How will the children be supported: This includes expenses like childcare, who they will live with, child support payments, accommodations for school transportation, etc…
  • Spousal support requirements: Depending on your income, you may be required to pay ongoing spousal support. Several factors affect the total amount, which we will cover during our sessions. 
  • Other important considerations: Separation of retirement accounts, bank accounts, and other personal financial considerations are included in the agreement as they relate to your unique situation.

Create a Separation Agreement That You Both Agree With

After we discuss the details and organize the supporting information, we will draft a legal separation agreement that includes every financial detail. After you have both agreed to the terms, our team manages all legal submission and approval processes. You never have to go to court, and our services cost significantly less than traditional legal and court proceedings. 

During our compromise-focused sessions, we hope to create a financial framework that works better for both of you. Rarely does a discussion involve zero disagreements, but our neutral atmosphere and professional insight make it much easier to arrive at amicable decisions. By working through each important topic with level-headed conversation and planning, stress and frustration often transform into mutually-beneficial plans that leave you both in a more stable financial situation. 

To learn more about our unbiased mediation support, contact our experts for guidance today. 

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