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Biggest concern in gray divorce is affect on finances

The number of couples in New York and across the country who are choosing to end their marriages after the age of 50 is growing. Divorce is difficult at any age. However, when getting divorced later in life, the focus of the process may be different than it would have been had it been done earlier on in the relationship.

Divorce can be an extremely emotional process, which is understandable. Unfortunately, emotions can get in the way of achieving fair and balanced settlements. When going through this process after the age of 50, what one receives in a settlement can make or break the bank in retirement years. So, thinking logically and about the financial ramifications of divorce is important.

So, what should couples bring to the table to ensure fair financial settlements are reached? Each spouse is required to supply a list of assets for review. This allows both parties the ability to make sure everything is accounted for and gives them time to question anything that may be missing. Supplying financial statements and pictures of physical assets can assist in ensuring everything of value is appropriately documented.

Unfortunately, there are those who try to hide assets in an attempt to exclude them from divorce settlements. This is where financial advisors and one’s legal team can be of significant value. With assistance, divorcing couples in New York can take the time necessary to review the documented assets and find those that may be missing. When all assets have been located, steps can then be taken to ensure each spouse receives his or her fair share in the final settlement — either through negotiations or litigation.

Source: U.S. News & World Report, “Gray Divorce: What Women Who Divorce Later in Life Need to Know”, Debbie Carlson, July 21, 2016

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.

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Larkin, Ingrassia & Tepermayster, LLP

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