Couples across New York with a high net worth may run into problems after a divorce. It may take up to five years for an ex-spouse to regain his or her former financial equilibrium. A recent investors’ survey revealed that most individuals recovered from both the psychological and financial setbacks following a divorce after a five-year adjustment period, as reported by Reuters.
Out of the individuals surveyed, a higher number of respondents disclosed that the emotional aspects of a divorce caused them more stress than their finances. When the divorce became final, however, the respondents stated that their finances caused them a greater amount of immediate stress. At least 35% of the survey participants said they had not recovered financially five years from the time they received a signed divorce decree.
A thorough understanding of the resources a standard of living may require helps when an individual plans ahead for a new lifestyle. While some individuals will manage to sustain a budget that resembles the spending patterns they had during their marriage, many others could find themselves struggling.
Leaving a marriage without a steady and reliable stream of income may require an individual to request alimony or spousal support. Depending on the length of a couple’s marriage, a New York family court judge may determine how much an ex-spouse must pay based on the income of each individual.
Generally, the longer a couple stayed together in a marriage, the higher the amount a judge may order for spousal support. A spouse who earned less or did not work during the marriage may also receive some of a spouse’s employment benefits such as health insurance or a portion of his or her retirement fund.