The rate of divorces among couples over age 50 has doubled in the past twenty years, according to a recent study from Bowling Green State University. While a divorce at any age is a difficult decision, a divorce that occurs during the second half of your life may have consequences that an earlier split might not have triggered.
Working with an experienced Long Island divorce attorney at the Law Offices of Paul A. Boronow, PC is crucial in order to navigate a divorce successfully. Here are three things to keep in mind if you’re ending a long-term marriage or seeking a divorce near or after retirement:
- You may need to handle questions of spousal maintenance.
Maintenance, once known as “alimony,” supports a non-earning or lower-earning spouse until he or she can support him- or herself. In New York, maintenance agreements are frequently part of divorce settlements that end a marriage when it has lasted a decade or more. Whether you are likely to be on the paying end of maintenance or the receiving end, it is important to talk to your lawyer about your options.
- Think carefully about retirement and Social Security funds.
Retirement funds, pensions, and other assets earned during the marriage belong to both spouses. In New York, these assets are typically split between the spouses, which may mean that a retirement portfolio that looked sufficient to support the two of you as a single household may not provide the lifestyle you planned when it is divided. Your lawyer can work with your financial professionals to identify a fair settlement and help you transition to retirement comfortably.
- Don’t forget the kids.
If your children are now adults, you won’t have to negotiate issues of custody or child support – but you should still consider how the divorce may affect your children. Financial support of adult children who are in college or launching a business is common. Since divorce will also affect your estate, make sure your estate plans reflect your new circumstances so your children are protected at the end of your life.
For reliable guidance and exceptional representation in your divorce, contact the Law Offices of Paul A. Boronow, PC by calling (516) 227-5353.