Can I get a divorce in New York if my spouse is financially irresponsible?

Can I get a divorce in New York if my spouse is financially irresponsible?

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It’s no secret that financial stress is a leading cause of divorce in the U.S. While some spouses can save money quickly, their partners may spend substantial amounts without giving it a second thought. If your spouse’s spending is out of control and they’ve repeatedly ignored your concerns, you may be left with no other option than to seek a divorce. A financially irresponsible spouse’s spending habits can devastate an economically responsible spouse. As such, many financially responsible spouses who have been pushed to their wit’s end wonder whether they can get a divorce based on their spouse’s financial irresponsibility. Please continue reading to learn whether having a financially irresponsible spouse is grounds for divorce and how a dedicated Nassau County Divorce Attorney can help guide you through every step of this complex legal process today. 

Is a financially irresponsible spouse grounds for divorce in New York?

Firstly, a financially irresponsible spouse’s spending habits can have significant consequences on the financially responsible spouse, as it can lower their credit score and put them in debt they had no part in causing. As such, many financially responsible spouses wonder whether they can cite their spouse’s financial irresponsibility as grounds for divorce. It’s crucial to keep in mind that New York is a no-fault divorce state. This means you do not have to cite the specific reason for wanting to end the marriage. Instead, you can cite irreconcilable differences as the cause of your divorce. Essentially, irreconcilable differences, also known as the irretrievable breakdown of a marriage, mean that you and your spouse have tried to work out your issues to regain a healthy future together but have failed to rectify your differences. Therefore, if you’re seeking a divorce because your spouse is financially irresponsible, you can cite irreconcilable differences to proceed with the dissolution of the marriage.

How can I protect my hard-earned assets?

If you’ve decided to divorce your financially irresponsible spouse, it’s imperative to understand the steps you should take to protect your finances. During a divorce, an economically irresponsible spouse may spitefully drain joint bank accounts or rack up significant debt on a credit card as revenge. This is often referred to as dissipation. While you can’t hide marital assets from your spouse even if you think they’ll deliberately accumulate debt or withdraw large sums of money, you can close your joint bank accounts. In addition, you can take their name off any bank account where they are listed as an authorized user. Although you can’t completely prevent dissipation, you can document their behavior to prove they acted in bad faith leading up to a divorce, which can result in the court awarding you a larger share of your marital assets.

If you’re currently dealing with a financially irresponsible spouse, it is in your best interest to contact our talented Nassau County divorce attorneys from the legal team at The Pollack Law Firm, P.C., who can help you safeguard your hard-earned assets and fight for what is rightfully yours. Our firm is prepared to represent your interests today.

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