POUGHKEEPSIE, New York. Typically, millennials have fewer assets when they divorce because they are younger than their baby boomer counterparts who may have had more time to accumulate wealth, property, debts, and retirement accounts. Despite this, millennial divorce has its own complex issues. If you are considering getting divorced in Poughkeepsie, New York, and whether you are a millennial or are divorcing later in life, you may want to speak to a qualified Poughkeepsie divorce lawyer like the Law Office of Danielle Fenichel.
According to D Magazine, only 26 percent of millennials are married. Some family lawyers have found that among the millennials who are married, the couples are more likely to divorce sooner rather than later if they decide the marriage isn’t working. Why? Millennials may be waiting longer to have children and may have fewer shared assets. They may have less to lose in a divorce than their counterparts with children and shared assets. Home ownership among millennials is down, meaning that they may share fewer critical assets than their older counterparts. According to Rewire, millennials may also be waiting longer to get married. It may be too soon to know whether their divorce rates will, in fact, be lower. We’ll know for sure in the next five to ten years as the marriages mature. More millennials are also putting their careers before marriage.
When millennials do get divorced, they may choose simpler divorce options and may have less conflict than older peers. However, whether you share a home or rent, it is still always wise to plan ahead and contact a divorce lawyer before taking the next step.
Divorce can bring unexpected challenges. If you do have children, you’ll have to develop a parenting plan and make decisions about custody. While the courts tend to favor shared custody agreements, it is wise to note how you and your ex will resolve differences. If you don’t have children, you will still need to make legal decisions during your divorce. For instance, you may have to split bank accounts, split retirement accounts you may share, or you may have to divide debts. While divorce often begins as a personal and private decision, it is ultimately a legal and financial one.
Some couples may rush to divorce without taking the time to consider their options and legal rights. It is important to speak to a divorce lawyer before making any final or binding decisions. It can be very challenging to change a parenting plan once it has been finalized by the court.
Whether you’ve been married a short period of time or for a long time, divorce is a serious legal and financial step. It is wise to seek proper legal counsel before you make any binding decisions. While there is a great deal of information that can be found online, a Poughkeepsie, New York divorce lawyer, like the Law Office of Danielle Fenichel, can help you understand your rights. Call us today to learn more.