Iacono Law Serving New York’s Legal Needs
Call Our Office Today to Get A Consultation
Toll Free: 888-855-6208

Divorce after 50 poses unique challenges

Irreconcilable differences in a marriage can occur at any age. Lately, many divorce filings have taken place among those over the age of 50. This phenomenon, known as gray divorce, may impact the retirement plans of older couples in the Bronxville area and other New York regions.

An important consideration when getting divorced later in life is how much money to set aside for retirement. Older couples typically find that, after divorce, their financial assets are divided equally between the parties. Therefore, they may each have to work longer than initially expected to make up for divorce-related losses.

Another essential consideration is whether to sell the marital home. Staying in the family home may not be affordable for either party without the other party's financial help, in which case simply selling the home and splitting the profits may be a wise move. In many cases, a couple's wealth is tied up in this major asset, but this money can be freed up for future use during retirement through selling the home.

The dissolution of a marriage can be complicated, particularly in those divorce proceedings involving financial assets accumulated over many years. A New York attorney can help in navigating even the most complex of divorces, such as those involving a shared business asset and/or property of significant value. Negotiation or mediation may be a viable option for reaching a mutually beneficial divorce settlement without having to go to trial, which can be more time consuming, costly and stressful for the couple.

Source: CNBC, "Surviving divorce after 50", Katie Young Portfolio, March 2, 2017

No Comments

Leave a comment
Comment Information
IACONO LAW
CARMEL OFFICE

Iacono Law
81 Pondfield Road
Suite 8
Bronxville, NY 10708

Toll Free: 888-855-6208
Toll Free: 888-855-6208
Phone: 914-961-0565
Fax: 914-961-3333
Bronxville Law Office Map

Carmel Office
95 Gleneida Avenue
Carmel, NY 10512

Toll Free: 888-855-6208
Toll Free: 888-855-6208
Phone: 845-225-0824
Fax: 845-225-0844
Map & Directions