The divorce rate of those in their senior years doubled between the years 1990 and 2010, according to a recent study. Although remarriages often result in higher divorce rates, second or third marriages weren’t the only culprits. The study found that close to 50 percent of those getting a divorce were on their first marriage.
If a person’s marriage is beginning to look like divorce is a possibility, there are a few suggestions that are helpful to know. For example, if the marriage was long-term, it is possible that alimony may be granted. In New York courts, alimony for life may be part of a typical ruling regarding a long marriage.
Also, it is advantageous to begin planning for the fact that a person’s retirement money will potentially be halved. Even if one of the spouses was at-fault in regard to the divorce, both retirement funds as well as other types of assets are often split evenly. If one spouse prefers to keep the house, they must be willing to give up something else, too. Sometimes this means a larger share of their pension or, conversely, a lower alimony obligation.
Divorce is a difficult transition, no matter what stage it occurs in a person’s life. It can lead to having many questions about what will happen before, during and after the process. There are many details and laws pertaining to it in the state of New York, and it is advantageous to have the support and experience of a legal professional who is well-versed in divorce law to aid as a guide in this process.
Source: U.S. News & World Report, “7 Things to Know About Divorcing During Your Senior Years“, Maryalene Laponsie, April 24, 2015
