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