Even as states move to re-open their economies, many families have seen drastic changes in their employment, their retirement funds, and in their prospects for the future. For high asset couples considering divorce, a second look at your assets might be in order before finalizing your divorce in the era of COVID-19.
For couples considering divorce, the coronavirus has sometimes led to new discussions about alimony, child support, and division of property arrangements, as some individuals have lost jobs, others have seen their incomes reduced, and others have seen their investments reduced in value. Even couples who have already gone through the divorce process may need to re-assess their alimony or child support payment amounts in light of these economic realities, according to the New York Times.
Because the courts were shut down or not operating a full capacity, many couples who are seeking divorce, who have yet to file, or who want to arrange court dates to finalize their divorce may face a wait. What are some alternatives available if you are facing this situation? Couples can still put a separation agreement in place with the assistance of their attorneys, or they can choose to use the collaborative divorce process, which can help them avoid litigation.
This can be a particularly tough time to get divorced, because couples may have fewer resources than they thought they had. It could be challenging to put a home on the market now, and some couples have even chosen to live together or delay selling the family home until the economic fallout from the coronavirus pandemic passes. Couples who choose to live together for the time being, or those who decide on another arrangement for the family home are still wise to take the time to work out these agreements in writing or as part of a divorce settlement. It is possible to continue to co-own the home with your former partner, but you’ll want to have an agreement in place about how the maintenance of the home will be paid for, who will be financially responsible for what, and how and when the decision will be made to sell the home, when the time comes. Some couples will have to accept lower values on their assets as they divide them and make plans accordingly.
When it comes to child custody, couples may also want to take into account the realities we are likely to face. How will child custody arrangements be made in a world where children may periodically need to be home schooled, should things re-open only to shut down again? How will parenting time be split in pandemic times? These are all serious considerations couples should make now.
Long & Associates is a Naples, Florida divorce law firm that is here to help you with various aspects of your high asset divorce and is here to help you navigate divorce in the era of coronavirus. This is a tough time for us all, and divorce can be difficult even in the best of times. Long & Associates are here for you. Reach out to our divorce lawyers today or connect with USAttorneys.com to get matched with a lawyer at Long & Associates.