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Some suggestions for older women going through divorce

The number of so-called "gray" divorces has jumped by double digits in a 20-year period. More couples than ever are seeking divorce in their older years, and along with these increasing numbers, there may be many women missing out on some of the key assets that they may not realize to which they are actually entitled. New York wives may be interested in some recent suggestions regarding the sharing of assets.

There are six key areas that divorcing women may wish to examine while seeking an equitable split of marital assets. One choice that some divorcing women may choose is to try to hang on to the home instead of seeking a share of retirement savings. Instead, some financial planners have suggested that it would be better to sell the home, split the proceeds and share any retirement savings. Also, if possible, one should not take funds out of any retirement accounts if possible.

Another tip is to choose the assets in a Roth account over a traditional IRA if one exists. The reason being is that those funds will not be taxed when withdrawn since they are deposited after taxes have been collected. Two other suggestions are to negotiate for retirement monies rather than receive an alimony payment, and to try to obtain social security benefits from the ex-spouse as long as certain requirements are met.

The final tip is to check into having a financial planner who can offer beneficial monetary advice throughout the divorce process. Overall, the process of divorcing, especially when the couple is older and may have more assets to share, can sometimes be complex. New York couples who have resolved to end their marriage may seek information from local resources concerning the many issues that they may need help working through in order to reach the most fair and equitable solutions possible.

Source: Forbes, "The Big Money Mistake Divorcing Women Make", Kerry Hannon, July 3, 2014

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