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A New York divorce later in life may affect retirement outlook

It is safe to say that just as every marriage is different, every divorce is also. Some couples may choose to divorce in the early stages of a marriage, while others may choose to do so in their later years. No one way is better than another. Couples in New York typically do what they feel is best for them, when they feel it is the right time to do it.

The so-called gray divorce, or divorce after the age of 50, is on the rise nationwide. In 1990, one in 10 people over the age of 50 got divorced. According to recent statistics, that number is now one in four. That’s a pretty significant increase. While divorce can affect finances at any age, those who choose to divorce later in life may have a few extra financial issues that need to be considered.

Several financial concerns include tax penalties upon dividing assets, pension and retirement fund division and keeping versus selling real estate. Tax penalties may apply regarding the division of some retirement and/or pension accounts. Filing a Qualified Domestic Relations Order (QDRO) can protect both spouses from these tax penalties. When it comes to real estate, looking at post divorce finances may help decide if keeping any real estate is an affordable option or if selling and splitting the proceeds is the better solution.

Couples spend a literal lifetime preparing for their retirement years. When a divorce happens close to that time, the financial consequences can certainly hamper retirement plans. However, if New York couples over the age of 50 truly desire a divorce, it is possible to create a fair settlement that can help reduce any financial fallout, allowing both individuals to make a relatively smooth transition into their next phase of life.

Source: Yahoo Finance, “Divorcing after 50: The financial hazards”, Jeanie Ahn, Aug. 13, 2014

Important Information

COVID-19 (Novel Corona Virus)  Update 3-20-2020

By order of Governor Andrew Cuomo, beginning 3-22-2020, all non-essential business in New York state must close their physical offices in response to the rapid rate of positive reported cases of COVID-19 in New York State.

Although this will impact the in office and in person services that LIT can provide, we will still be working remotely from our homes to serve our existing clients and we will continue to serve the public on a remote basis with any new legal matters for which they may need assistance.

We as a nation have overcome great obstacles in the past and although the challenges that lie ahead of us as community, as a state, and as a nation are great, we will overcome them as our resilience as individuals, as a community and as a nation will allow us to prevail.

May all of you and your loved ones be safe and well .

Larkin, Ingrassia & Tepermayster, LLP


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