Divorce in your later years can be tough – the focus shifts from what many see as the “typical” divorce with issues such as child custody and support, to a whole different set of issues such as retirement accounts and multiple properties. Whether it’s a first marriage ending after the parties were married for a significant amount of time, or a second or third marriage for either of the parties, the stakes can be much higher. These “grey divorces” as they have been nicknamed due to the age of participants, are very common in today’s world.
For those in the later stages of their life, there are often more assets between the parties, such as homes, vacation properties and vehicles. In addition, those divorcing at this later stage are closer to retirement. The payment of alimony or a division of one’s retirement account can greatly impact how they will spend their retirement, which is a much greater concern than it would be for a couple divorcing earlier in life. A grey divorce can have significant impacts on your financial situation. It can be even more difficult for someone who has not worked during their marriage and has not built up the same benefits as a spouse who has worked for many years.
The process can be complex and difficult, but a knowledgeable attorney can help you navigate through it. Parties should seek to protect their assets and plan for their new future accordingly. The attorneys at Petrelli Previtera Schimmel, LLC can help you understand what might be best for you and help you formulate a plan going forward. If you are looking for help with your divorce, contact us today to schedule your consultation.