Divorcing Couples Watching Stock Market Too
With the economy on the rocks, it’s probably no surprise that many marriages are suffering, especially those that have been teetering on the edge for some time now.
And with the uncertainty of the value of bonuses and stock portfolios comes more posturing and strategy on the part of divorce lawyers looking to get the best settlements for their clients.
From a nonearner’s perspective, Mitchell Devack, a lawyer in East Meadow, N.Y., tells the New York Times that “it’s probably best to wait on the sidelines right now and hope this economy gets going again.”
Devack goes on to say that, “In more stable economic times, there is no reason to believe that a spouse’s salary or bonus or 401(k) or pension will change, so there is less strategy involved in terms of timing a divorce with the help of a lawyer and an accountant.” However, he adds, “These are the kinds of issues that only come to the forefront during hard times.”
And for the person who creates the income, the person who is seeing his income stream plummet, Manhattan divorce lawyer Jacalyn F. Barnett tells the Times that it may be best to wait until after Jan. 1 to divorce, so that the lower income is “documented and it works in your favor in a settlement or litigation.”
