How Will the Coronavirus Affect My Divorce?
Divorce can be a stressful process, and for couples currently engaged in divorce proceedings, things may be getting even more stressful. The Coronavirus (Covid-19) pandemic is wreaking havoc on the stock market. As the worldwide crisis continues to plague countries around the globe, the Dow Jones and S&P 500 fluctuations are causing many people panic as they watch their 401k plans and stock investments plunge.
For couples negotiating the distribution of assets in their divorce settlements, the value of their assets may have been significantly affected by the impact of the Coronavirus on the global market. Re-evaluation of these assets may be necessary before a final settlement can be determined.
Equitable Distribution of Assets During the Current Pandemic
For couples that are currently negotiating the equitable distribution of their marital assets, the impact of the coronavirus may force delays. No one knows what the final impact will be on assets, such as 401k funds, stock investments, and retirement plans. How can couples proceed with equitable distribution with so many unknown factors right now?
The most logical advice for most divorcing couples would be to wait out the current crisis and see just how far the impact will spread. For those in an amicable divorce, this may be the best solution, but for those in divorce proceedings already filled with angst and volatility, a delay in divorce proceedings may seem insurmountable.
Divorce lawyers around the globe may be moving through unchartered territory with the current pandemic, but not with working in an unstable market. There were divorce proceedings and equitable distribution concerns during the market crash in 2008 with many lessons learned during that unstable economy. Divorce attorneys with experience from that financial crisis are lending their knowledge to those new to the game.
Listening to the advice of an experienced and knowledgeable divorce lawyer is in the best interest of all couples currently going through divorce
proceedings. What most investors would tell anyone at this time is that panic will not change the outcome of any situation. At a time like the present, the best strategy is to work collaboratively and patiently with all involved in the divorce proceedings.
Unprecedented Concerns in Divorce Proceedings
Financial concerns are not the only issue divorcing couples are facing. Unprecedented concerns are rising quickly, forcing panicked spouses and parents to seek answers to tricky questions. The most common concerns surfacing among divorcing couples include:
- Quarantines and how they may affect court dates and appearances
- Court shutdowns forcing delays of divorce proceedings
- Quarantine of parents that share joint custody
- Adjustments to child support payments considering reduced income/work schedules
- Co-parenting issues with school closures
- Differences between parents on how to protect their children from exposure
As divorcing couples and divorce lawyers try to continue with business as usual, delays are to be expected. With patience and perseverance, divorcing couples can ensure the best possible outcome in their divorce settlement.
Morristown Divorce Lawyers at Lyons & Associates, P.C. Offer Counsel and Support for Divorcing Couples During the Coronavirus Pandemic
If you are experiencing concerns about your divorce proceedings in the current Coronavirus pandemic, contact the Morristown divorce lawyers at Lyons & Associates, P.C. Call us at 908-575-9777 or contact us online to schedule a free consultation today. Located in Somerville and Morristown, New Jersey, we serve clients throughout Somerset, Woodbridge, Parsippany, Rockaway, Short Hills, Chatham, Randolph, Madison, and Morris Plains.