Divorce can prove challenging for some, but for those aged over 50, financial challenges may the biggest of all according to a new study conducted at Bowling Green State University as reported in an October 24, 2014 article in the Pittsburgh Post-Gazette.
If someone is aged 50 or over, then they are probably close to retirement or have retired already. If a married couple splits up in a â€œgray divorce,â€ then they have to deal with the costs of retirement. When someone is planning to get divorced, he or she must remember that as an individual, retirement costs are 40% to 50% higher than for a couple. If one spouse was a â€œdependent spouse,â€ someone that contributed to the marriage, but relied on the other spouse financially, funding retirement accounts, having enough emergency cash, paying for health insurance and a variety of other matters can make divorce hard. However, an experienced attorney can help explain what you are entitled and work diligently to obtain those for you.
If there is a difference in the income of the parties, then one spouse may be entitled to receive alimony. Alimony, called spousal maintenance in New York, is a payment that is regularly made Â from one spouse to the other to help the receiving spouse maintain a decent standard of living. It is also possible to split up pension funds such that both spouses receive money after retirement. Your lawyer will have pension experts analyze the fund to determine the best way to split a 401(k) or IRA account. Social Security benefits can also be divided. If you and your spouse own a home that was purchased with marital funds, meaning after you were married, then you may be entitled to a share of the value of the home.
While divorce is emotionally and financially taxing, including for those 50 and older, you need not be left with anything. A lawyer can help you get the maximum funds you are entitled to by law. Jayson Lutzky practices divorce and family law in New York. Mr. Lutzky has over 31 years of experience and has represented thousands of satisfied clients over the years. He offers free in person consultations in his Bronx office. Call 718-514-6619 to set up an appointment and visit www.MyNewYorkCityLawyer.com to read more divorce and family news.